Several gas stations in the Philippines are set to implement an oil price hike on Tuesday (February 6, 2024).
Gasoline prices may increase by P0.75 to P0.95 per liter, diesel by P1.50 to P1.70 per liter, and kerosene by P1.05 to P1.15 per liter, according to industry experts. However, the projected oil price changes are still subject to change.
Another Round of Oil Price Hikes Expected Next Week
Another Round of Oil Price Hikes Expected on Tuesday (February 6, 2024), Fuel Firms Say
OIL PRICE UPDATE – Fuel companies eye another round of oil price hikes starting next week (February 6, 2024).
Filipino motorists were advised to brace for another increase in fuel prices, including gasoline, diesel, and kerosene, next week as oil companies gear up for another round of adjustments.
According to industry experts, the prices could go up by as much as P0.75 to P0.95 per liter for gasoline, while diesel could see an increase of P1.50 to P1.70 per liter, and kerosene might climb by P1.05 to P1.15 per liter.
The price changes will take effect on Tuesday (February 6). The looming hike in oil prices is said to be a result of recent drone attacks and fires at oil facilities in Russia, which disrupted supply lines and logistics.
Additionally, OPEC’s decision to extend the 2.2 million barrels per day output reduction until the first quarter of 2024 is putting pressure on prices.
These factors, together with the US Federal Reserve’s promises to cut interest rates and China’s economic stimulus package, have contributed to an increase in fuel prices.
Following several weeks of price increases in a row, there is a possibility of an increase in pump prices. The effects of growing fuel prices have been experienced by drivers, with changes being announced nearly every week.
The previous adjustments took effect on January 30 and resulted in increases of P2.80 for gasoline, P1.30 for diesel, and P0.45 for kerosene per liter. This led to a slight drop of P0.05 per liter for kerosene, but a net increase of P4.40 and P2.90 per liter for gasoline and diesel, respectively, year to date.
According to data from the Department of Energy’s price monitoring, retail prices for gasoline in Metro Manila range from P56.60 to P79.80 per liter, diesel prices between P52.90 and P66.00 per liter, and kerosene prices between P72.09 and P83.48 per liter for the period from January 30 to February 5, 2024.
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