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Sunday, March 3, 2024

Unioil: Fuel prices to rise anew Tuesday

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Unioil Petroleum Philippines on Saturday disclosed that gasoline prices will increase by P0.80 to P1 per liter effective 6 a.m. Tuesday to reflect the movement of oil in the world oil market.

Unioil said in its weekly advisory diesel may have a rollback of P0.10 per liter or no price movement at all.

The latest mixed oil price forecast is lower than the four-day trading forecast of P1.20 per liter for gasoline and P0.35 per liter for diesel.

“Diesel possible increase of P0.25 to P0.35 and gasoline possible increase of P1.10 to P1.20,” an oil industry source said on Friday.

The latest oil price computation was due to reports on Friday of US recession fears overshadowing China’s oil demand.

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Pump prices are computed based on an entire week’s Mean of Platts Singapore average and forex average compared to the previous week.

Department of Energy director for Oil Industry Management Bureau Rodela Romero said the oil price movements “are caused by the following as top oil executives at an energy conference in Houston discussed supply tightness and hopes for rising Chinese demand, but contradicted by weaker demand data.”

“Later in the week, more aggressive US interest rate rises would strain economic growth and therefore dent oil consumption. A volatile movement for oil prices,” Romero said.

Last March 7, the oil companies implemented a per liter increase of P0.40 for gasoline, P1.50 for diesel, and P1.25 for kerosene.

These resulted in a year-to-date net decrease for diesel at P0.90 per liter and kerosene at P1.05 per liter.

Gasoline, on the other hand, had a net increase of P5.70 per liter.

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