Domestic pump prices will likely increase by as much as P1.50 per liter next week, the fourth consecutive week of oil price hike to reflect the movement of prices in the world oil market, the Department of Energy (DOE) announced on Friday.
DOE director for the oil industry management bureau Rodela Romero said that based on the four-day trading in the Mean of Platts Singapore, the benchmark used by oil importers, gasoline pump prices are expected to increase by P1.25 to P1.50 per liter, diesel by P0.40 to P0.60 per liter and kerosene by P0.60 to P0.80 per liter.
“Geopolitical tensions in the Middle East, an unexpectedly large withdrawals in the US crude inventories, and optimistic forecasts for summer fuel demand have all contributed to pushing prices in oil products higher,” Romero said.
On July 2, 2024, the oil companies implemented an increase on the prices of gasoline, diesel and kerosene by P0.95, P0.65 and P0.35 per liter, respectively.
Year-to-date, total adjustment stands at a net increase of P9.25 per liter, P8.40 per liter and P1.75 per liter, respectively.
Oil prices have been going up for the past three weeks with gasoline going up by a total of P3.20 per liter, diesel by P4.15 per liter and kerosene by P3.30 per liter.
Data from the DOE showed that pump prices in the National Capital Region range from P54 to P86.77 per liter for gasoline, P52 to P81.70 per liter for diesel and P74.04 to P84.04 per liter for kerosene.
Editor’s Note: This is an updated article. Originally posted with the headline Up to P1.50 per liter fuel price hike expected next week