Big-Time Oil Price Hike Next Week, Fuel Firms Say
Several fuel firms have announced a big-time oil price hike next week, resulting in a nearly P2 hike for gasoline prices and up to P1.60 for diesel.
Motorists in the Philippines are bracing for an impending increase in petroleum product prices next week. This looming hike after the oil price rollback was experienced in the previous week.
Oil players announced that they will implement a price increase ranging from P1.40 to P1.90 per liter for gasoline, and P1.20 to P1.60 per liter for both kerosene and diesel. Fuel price adjustments are typically announced every Monday and implemented every Tuesday.
According to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero, the estimated price adjustment ranges from P1.10 to P1.50 per liter.
“There will be price increases in gasoline, diesel, and kerosene for next week, Tuesday, February 20, 2024” Romero said.
Several factors contribute to the expected oil price hike next week:
• Escalation of conflict in the Middle East, particularly at the Lebanese border.
• Surging US crude stockpiles.
• Disruptions in shipping along the Red Sea and Suez Canal.
• OPEC’s forecast of robust demand for 2024
Oil companies usually announce price adjustments every Monday for implementation the following day.
Last Tuesday (February 13, 2024), fuel firms reduced gasoline, diesel, and kerosene prices by P0.60, P0.10, and P0.40 per liter, respectively.
DOE releases the latest date indicating the year-to-date adjustments, which now stand at a net increase of P4.45 per liter for gasoline, P4.30 per liter for diesel, and P0.45 per liter for kerosene.
READ ALSO:, Oil Price Rollback Expected Next Week After Few Weeks of Hikes
The latest information from the DOE’s price monitoring as of February 13 to February 15, 2024, shows that retail prices of gasoline range from P55.90 to P78.35 per liter, diesel prices between P53.77 and P67.40 per liter, and kerosene prices between P72.49 and P83.84 per liter in Metro Manila.
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