Big-Time Oil Price Hike Expected Next Week, DOE Says
OIL PRICE UPDATE – Various fuel companies in the Philippines are expecting a big-time oil price hike for Holy Week 2024.
Looking ahead, another round of fuel price increases is expected before the Holy Week break. Filipino motorists in the country are advised to prepare for higher prices of gasoline, diesel, and kerosene.
The announcement was based on international petroleum trading over the past four days.
Gasoline prices are expected to go up by P2.20 to P2.40 per liter while diesel prices may climb by P1.45 to P1.75 per liter.
According to Rodela Romero, Director III of the Department of Energy’s Oil Industry Management Bureau, recent trade trends indicate increases in gasoline prices from P1.90 to P2.10, diesel prices from P1.35 to P1.50, and kerosene prices from P1.40 to P1.50 per liter.
The price increase is the result of several factors, including speculation about how recent events such as attacks on Russian refineries in Ukraine may affect the market, decreased Iraqi crude exports, large withdrawals from US gasoline and crude stockpiles, and rising demand and economic expansion in the US and China.
Fuel companies typically announce price adjustments every Monday, with changes taking effect the following day.
The latest changes took effect on March 19, 2024, and resulted in a P0.10 per liter decrease in diesel pricing and a comparable increase in gasoline prices. The cost of kerosene did not change.
Adjustments for the current year indicate that kerosene has had a net decrease of P0.25 per liter, while diesel and gasoline have seen net increases of P3.70 and P5.55 per liter, respectively.
READ ALSO: OIL PRICE UPDATE: Diesel Prices to Rollback, Gasoline Prices to Increase
The Department of Energy’s price monitoring shows that the current retail prices in Metro Manila for gasoline, diesel, and kerosene are P57.05 to P62.30 per liter, P73.16 to P73.42 per liter, and P55.70 to P74.60 per liter, respectively.
This is a developing report, just visit this website regularly or refresh the page for further updates.
