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Still no end to oil price hike in sight

Independent player Unioil Petroleum Philippines said Saturday pump prices of petroleum products were expected to increase yet again next week. 

In its weekly fuel forecast for April 30 to May 6, Unioil said the price per liter of diesel might increase by P0.75 to P0.85, while gasoline price should go up by P0.70 to P0.80 per liter.

Local oil companies usually implement fuel price adjustments every Tuesday of the week.

Latest data from the Department of Energy showed diesel prices range from P41.94 to P46.25 per liter, while gasoline prices range from P53.00 to P59.96 per liter. 

Price adjustments since the start of 2019 went up to a net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel and P3.45 per liter for kerosene.

Oil prices went up due to involuntary supply cuts from Venezuela and Iran plus conflict in Libya which supported perceptions of a tightening crude market, the Department of Energy earlier said.

The department said upbeat Chinese economic data eased concerns about waning crude demand.

“The price has been driven upwards by OPEC [Organization of Petroleum Exporting Countries]’s ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data,” the agency said.

OPEC is set to meet on June 25 in Vienna to discuss extending the agreement to cut output by 1.2 million barrels per beyond the end of June.

READ: Oil price hike set this week

READ: Double whammy on consumers: Power rate, oil price hikes

READ : Pump prices swing low, this time

Topics: Unioil Petroleum Philippines , Department of Energy , Organization of Petroleum Exporting Countries
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