Oil Price Hike Expected Next Week
Various fuel firms in the country are set to implement another round of oil price hikes in the fourth week of January 2024.
Filipino motorists are advised to brace for another round of oil price increases set to take effect on January 23, 2024. The ongoing tensions in the Middle East will affect the prices of petroleum products.
Gasoline prices are expected to increase by an estimated P0.90 to P1.20 per liter, while diesel prices will see a surge ranging from P0.60 to P0.90 per liter. On the other hand, kerosene prices may either experience a slight rise of P0.20 or remain unchanged.
Director Rodela Romero of the Department of Energy (DOE) pointed to the escalating tensions in the Middle East and OPEC’s optimistic growth projections for oil demand in 2024-2025 as major factors behind the impending price hikes.
“These are attributed to the escalating tension in the Middle East, including the attacks on ships in the Red Sea and the Iranian missile strikes on targets in Syria and Iraq that added to the geopolitical risk premium and the OPEC forecast on strong growth in global oil demand over the next two years,” Romero said.
The final adjustments will be officially announced by oil companies on Monday, and will be implemented on the following day.
The impending oil price hike would mark the third consecutive week of rising prices for both gasoline and diesel. Last Tuesday, oil firms implemented a hike of P0.30 per liter for gasoline and a more substantial increase of P0.90 per liter for both diesel and kerosene.
Motorists should stay informed and plan accordingly as they go through these hard times at the pump.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
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