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Tuesday, February 27, 2024

Pump prices rising by P2/l next week

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Consumers must brace for a big-time oil price hike next week of as much as P2 per liter, which reflects the movement of prices in the world market.

Industry estimates based on the four-day Mean of Platts Singapore benchmark showed that diesel may go up by P1.80 to P2 per liter, kerosene by P1.70 to P1.90 per liter, and gasoline by P1.15 to P1.35 per liter.

The expected increase next week  will be the 11th consecutive week of pump price hikes for diesel and kerosene and the tenth for gasoline.

Diesel prices have gone up by P14.80 per liter while kerosene increased by P13.95 per liter for the past ten weeks.

On the other hand, gasoline prices went up by P9.85 per liter for the past nine weeks.

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On Sept. 12, local oil companies implemented an increase of P0.20 per liter for gasoline, P0.40 per liter for diesel, and P0.20 per liter for kerosene.

These price adjustments resulted in year-to-date net increases of P15.50 per liter for gasoline, P11.10 per liter for diesel, and P7.94 per liter for kerosene, according to the Department of Energy (DOE).

DOE director for the oil industry management bureau Rodela Romero confirmed the anticipated oil price increase next week and warned of possible oil price hikes until the end of the year.

“These are attributed to the tighter supply outlook due to Saudi and Russia’s voluntary production cuts, Libya’s supply disruption due to hurricanes, and further US crude inventory withdrawals,” Romero said.

“There are forecasts that prices will go up until December as world oil demand is higher than world oil supply. Hopefully, the limiting price gain factors like expectations of higher interest rates, prospects of additional supply, and a stronger dollar will help offset that,” she said.

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