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Sunday, May 19, 2024

Gas, diesel prices seen going up by P0.85/l Tuesday

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Consumers can expect another round of oil price hikes by as much as P0.85 per liter on Tuesday, reflecting the volatility in the world market amid the ongoing tensions in the Middle East.

Industry sources said that based on the four-day trading in the Mean of Platts Singapore (MOPS), the benchmark used by independent oil players, gasoline prices may increase by P0.65 to P0.85 per liter, and diesel by P0.45 to P0.65 per liter.

However, kerosene prices may remain steady or see a small rollback of P0.10 per liter.

Department of Energy director for the oil industry management bureau Rodela Romero attributed the forecasted price hike to the escalating tensions in the Middle East, including the attacks on ships in the Red Sea and the Iranian missile strikes on targets in Syria and Iraq.

She said the forecast of the Organization of the Petroleum Exporting (OPEC) on strong growth in global oil demand over the next two years also pushed up prices.

On Jan. 16, oil companies implemented an increase in the price of gasoline by P0.30 per liter and P0.90 per liter increase on the prices of diesel and kerosene.

DOE said the net adjustment of gasoline and diesel stood at a net increase of P0.30 per liter and P0.65 per liter, respectively.

Kerosene on the other hand, has a net decrease of P0.40 per liter.

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