Big-Time Oil Price Hike Expected Next Week, Gas Stations Say
FUEL PRICE UPDATE – Various gasoline stations are set to implement a big-time oil price hike starting next week.
The Department of Energy informed the Filipino motorists to prepare for a huge bump in fuel prices coming our way in the next week. Petroleum products such as gasoline, diesel, and kerosene are set to rise.
According to Rodela Romero, the Director III of the Department of Energy-Oil Industry Management Bureau, the projected oil price adjustments for April 9, 2024 (Tuesday), is the result of Friday’s trading.
Here is the expected fuel price hike next week.
- Gasoline – P0.90 to P1.20 per liter
- Diesel – P1.20 to P1.40 per liter
- Kerosene – P1.10 to P1.30 per liter
Romero identified a number of factors, including the possibility of a Middle East conflict escalation such as the Israel-Hamas conflict potentially expanding to include Iran that are contributing to the impending increase in gas prices.
Global oil market is also being impacted by recent events like the Ukrainian attack on Russia’s oil refineries and OPEC’s decision to stick with its production cut program.
Every Monday, oil companies often announce price changes that take effect the following day.
“Ito pong production cut, originally, hanggang first quarter lang… So just imagine if 2.2 million barrels per day ang ika-cut nila, so definitely kulang na yung supply. And then tumataas pa yung demand sa malalaking bansa, maganda yung kanilang economic activity. Definitely, tataas ang presyo,” Romero said.
Last Tuesday, April 2, 2024, fuel prices saw an increase, with gasoline prices rising by P0.45 per liter, while diesel and kerosene prices decreased by P0.60 and P1.05 per liter, respectively.
Based on the trends observed in the first four days of trading, it’s expected that oil prices may climb within the next few week.
Romero advised motorists to explore gas stations offering discounts or cheaper fuel options due to the unavoidable price increases.