Consumers can expect another round of oil price hike next week by as much as P0.75 per liter across all petroleum products.
The Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said gasoline is expected to increase by P0.40 to P0.70 per liter, diesel by P0.45 to P0.75 per liter and kerosene by P0.65 to P0.75 per liter.
She said the price increases reflect the movement of prices in the world oil market for the first four days of Mean of Platts Singapore (MOPS) trading.
Romero said the forecasted increase can be attributed to the Organization of the Petroleum Exporting Countries (OPEC) and Russian production data showing both declined in December.
She said the anticipated rise in Asian demand due to the economic stimulus package of China and cold blasts in the US and Europe where several US states have declared a state of emergency further pushed up oil prices.
Jetti Petroleum president Leo Bellas estimated a slightly higher increase of P0.60 to P0.80 per liter for diesel and gasoline due to concerns about tightening supply as demand is seen to increase.
Bellas said other factors that pushed up prices include worries that Western sanction could limit supply from Russia and Iran, expectations of more fiscal stimulus that could revitalize China’s economy and drive up demand for oil, cold weather in the US and Europe boosting winter fuel demand, and tight regional supply of diesel and gasoline as China’s exports remained low.
On Jan. 7, 2025, oil companies implemented an increase of P1 per liter for both gasoline and kerosene while diesel has increased by P1.40 per liter.