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Monday, March 4, 2024

Fuel price hikes led by kerosene seen next week

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The Department of Energy forecasts an increase in domestic pump prices of as much as P3.30 per liter effective Tuesday on increased global oil demand due to holiday travels and the European Union’s ban on Russian oil products.

DOE director for the Oil Industry Management Bureau Rodela Romero said kerosene is seen to go up by P3 to P3.30 per liter, diesel by P2.30 to P2.50 per liter, and gasoline by P2.10 to P2.20 per liter.

Romero said the estimates are based only on the four-day trading and could still change.

China’s demand recovery as restrictions loosened also drove world oil prices up, but this was dampened by the increasing COVID-19 infections and fears of renewed global COVID surge from Chinese travelers.

On Dec. 28, the oil firms cut the price of diesel by P0.20 per liter, while gasoline and kerosene prices increased by P0.95 and P0.50, respectively.

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These resulted in the total year-to-date adjustments to stand at a net increase of P14.90 per liter for gasoline, P27.30 per liter for diesel, and P21.30 per liter for kerosene.

The US Department of Energy on Dec. 16 announced plans to purchase oil to begin replenishing its strategic reserves following the 180-million-barrel release over several months to combat energy price hikes due to Russia’s invasion of Ukraine.

Meanwhile, DOE director Rino Abad said in a TV interview that liquefied petroleum gas or cooking gas may go down by as much as P4 per kilo starting Jan. 1.

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