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Monday, May 20, 2024

Gas price seen rising P1.15/liter next week—DOE

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Consumers must brace for another round of oil price hikes next week. Industry sources said Friday the pump price of gasoline will likely increase by P0.90 to P1.15 per liter, while kerosene may go up by P0.05 to P0.15 per liter to reflect the movement of prices in the world oil market.

Meanwhile, diesel may stay flat or have a minimal increase of P0.20 per liter by Tuesday, the sources told the Standard.

“This is attributed to the production cuts implemented by Saudi and Russia and that oil prices edged higher in early trade after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies,” Department of Energy director for the oil industry management bureau Rodela Romero said.

She said this forecast may still change as it is based on the four-day trading period and foreign exchange movement.

This will be the third consecutive week of oil price hikes for diesel and kerosene and the second consecutive week for gasoline.

On July 18, the oil companies implemented an increase of P1.90 per liter for gasoline, P2.10 per liter for diesel, and P1.80 per liter for kerosene.

These price adjustments resulted in a year-to-date net decrease of P0.85 per liter for diesel and P3.70 per liter for kerosene.

Gasoline, on the other hand, has a net increase of P7.55 per liter.

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