Oil Price Update: Gasoline & Diesel Prices Set to Increase Next Week
OIL PRICE UPDATE – Gasoline and diesel prices are expected to go up again next week, continuing the rising trend seen over the past few weeks.
According to the Department of Energy (DOE), gasoline prices will increase by around P0.15 to P0.45 per liter, while diesel prices could increase by P0.10 to P0.40 per liter. However, kerosene prices are expected to go down slightly by P0.20 to P0.30 per liter.
Geopolitical tensions in the Middle East, especially the situation in Syria, have also played a role in the rising oil prices. While the unrest caused a brief increase in prices, the ongoing concerns about weaker demand from China have somewhat balanced out this effect.
Some experts suggest that diesel prices might go up even more, from P0.30 to P0.50 per liter, and gasoline could rise by P0.50 to P0.70 per liter. The uncertainty in the Middle East, the EU sanctions on Russia, and China’s plans to boost economic activity are all factors helping to support these price hikes.
“While concerns have eased, the development in Syria introduced greater uncertainty to the Middle East, driving oil prices up. Further supporting oil prices is the threat of tightening global crude supplies as the European Union agreed to impose further sanctions on Russia,” Jetti Petroleum president Leo Bellas said.
The local fuel price adjustments on December 10 were mixed, with gasoline prices going up by P0.40 per liter, while diesel and kerosene prices saw reductions of P0.50 and P0.75, respectively.
The latest year-to-date price adjustment shows that gasoline prices have increased by P11.75 per liter, and diesel by P9.50 per liter, while kerosene has decreased by P1.15 per liter.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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