Mixed Fuel Prices Expected After Holy Week: Gasoline Hike, Diesel Rollback
OIL PRICE UPDATE – Several gas companies are expected to implement a mixed fuel price adjustment after Holy Week 2024.
Transportation expenses are one of the areas where oil prices are most directly felt. Because the Philippines depends primarily on imported oil for its fuel needs, changes in the price of oil globally have a direct impact on the cost of gasoline and diesel at the pump.
Higher oil prices result in increased transportation expenses for both persons and enterprises, affecting everything from daily living costs to the prices of goods and services.
As the Holy Week ends, Filipino motorists may soon face changes in fuel prices, with gasoline likely to increase while diesel could see a decrease.
Gasoline prices are seen to go up by around P0.30 to P0.50 per liter while diesel prices may drop by an estimated P0.55 to P0.75 per liter, according to forecasts for the first week of April 2024.
The oil industry relies on indicators such as the Mean of Platts Singapore (MOPS) for market insights. However, trading for MOPS was inactive on Friday (March 29), as reported by an industry insider.
MOPS, which is the average daily trade volume for gasoline and diesel, is a crucial benchmark for fuel prices in the Philippines. The Singapore-based market wire service Standard and Poor’s Platts evaluates and organizes these transactions.
Fuel firms implement price hikes on March 26, 2024, raising the prices of gasoline by P2.20 per liter, P1.40 per liter of diesel, and P1.30 per liter of kerosene, respectively.
Usually, oil companies announce pump price changes every Monday and implement it on the following day.
Local fuel prices are greatly affected by changes in market conditions and worldwide oil prices, even though the particular factors causing these changes are still unclear.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
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