FUEL PRICE UPDATE – A big-time oil price hike is expected on Tuesday (January 30, 2024), according to local oil industry source.
Department of Energy projected a possible increase in gasoline prices by P1.95 to P2.10 per liter, P0.65 to P0.85 per liter for diesel, and P0.20 to P0.30 per liter for kerosene.
Fuel Firms Expect Big-Time Oil Price Hike Next Week
Big-Time Oil Price Hike Expected Next Week, Fuel Firms Say
OIL PRICE HIKE – Several fuel firms in the country are expecting a big-time oil price hike starting next week.
Filipino motorists should prepare themselves for another increase in the prices of fuel at the pumps next week. The possible oil price hike will mark the fourth consecutive week of surging fuel prices.
Department of Energy’s Oil Industry Management Bureau Assistant Director Rodela Romero is expecting a possible increase in gasoline prices by P1.95 to P2.10 per liter, P0.65 to P0.85 per liter for diesel, and P0.20 to P0.30 per liter for kerosene.
According to another source from the oil industry, gasoline prices increased by P2.10 to P2.40 per liter and diesel prices by P0.70 to P1.00 per liter.
Romero cited various international oil market dynamics, including a decrease in US crude stockpiles and other factors for the projected fuel price hike.
“Estimated increase is attributed to the following relevant international oil market developments such as the US crude stockpile fell; Stimulus package issued by the central bank of China to inject/reinforce its economic recovery; and India to become the single most important driver of oil demand growth,” Romero said.
Usually, gasoline stations announce price adjustments every Monday and are implemented on the following day.
The projected price changes will take effect on January 30, 2024 (Tuesday). Kerosene prices may remain unchanged during this period.
The Department of Energy released the latest data available indicating the year-to-date price adjustments, which stands at a net increase of P1.60 per liter for both gasoline and diesel. However, kerosene registers a net decrease of P0.40 per liter.
RELATED ARTICLE: Oil Price Increase Expected on Tuesday (January 23, 2024)
From January 23 to 25, the current prices of gasoline in Metro Manila ranges from P54.70 to P77.85 per liter, diesel from P52.20 to P68.45 per liter, and kerosene from P71.64 to P83.03 per liter, according to the Department of Energy’s price monitoring data.