The Department of Energy on Friday gave a higher oil price hike forecast of as much as P2.60 per liter for diesel next week based on the four-day trading in Mean of Platts Singapore.
“We will be expecting an increase in the prices of petroleum products next week,” DOE Industry Management Bureau director Rodela Romero said.
She said gasoline products are expected to increase by P1.35 to P1.60 per liter, diesel by P2.30 to P2.60 per liter and kerosene by P2.30 to P2.50 per liter.
This was slightly higher than the forecast of Jetti Petroleum president Leo Bellas, who said early price movement indicators for the week of January 20 showed a possible increase in diesel of P2.30 to P2.50 per liter and gasoline by P1.60 to P1.80 per liter.
Romero said several prices influenced the movement of prices in the world market, such as the impact of the US and UK imposing a new round of sanctions on Russian oil.
“This will result in a reduction of Russian exports thereby could push global crude prices higher in the near term, as the market adjusts to the loss of supply from one of the world’s largest oil producers. Likewise, there would be potential increases in shipping cost,” she said.
Local oil firms traditionally announce the final price movement every Monday, which in turn, is implemented by gas stations at 6 a.m. on Tuesday.
On Jan. 14, 2025, oil companies implemented an increase of P0.80 per liter for both gasoline and kerosene while diesel increased by P0.90 per liter.
On Jan. 7, 2025, oil firms also raised the price of both gasoline and kerosene by P1 per liter while diesel increased by P1.40 per liter.
Gasoline and kerosene have a total net increase of P1.80 per liter; diesel has a total net increase of P2.30 per liter.
Prevailing prices of petroleum products at the National Capital Region for January 7 to 13, 2025 showed that gasoline prices range from P51.65 to P75.62 per liter, diesel from P49 to P72. 20 per liter and kerosene from P70.91 to P82.20 per liter.
Pump prices vary depending on the product, location and market forces.