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Monday, May 27, 2024

Fuel prices to rise anew as Gaza boils

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The Department of Energy warned of another round of oil price hike next week by as much as P1 per liter due to the ongoing geopolitical conflict in the Gaza Strip.This will be the fourth consecutive weekly increase for gasoline and the second weekly increase for diesel and kerosene.The DOE estimates the increase at P0.80 to P1 per liter for diesel and P0.85 to P1 per liter for kerosene.Prices of gasoline may remain steady or go up by P0.20 per liter.”Another round of increase is expected next week as a result of an intensified geopolitical concerns in Gaza Strip wherein Israeli’s airstrikes killed 3 sons of a Hamas leader. However, inventory build up of crude and fuels in the US tempered the oil price increase. (These are the) two factors that push and pull international oil price,” DOE director for the oil industry management bureau Rodela Romero said.On April 9, 2024, oil companies implemented a per liter increase in gasoline by P1.10, diesel by P1.55 and kerosene by P1.40.Year-to-date adjustments of gasoline, diesel and kerosene stood at a per liter net increase of P9.30, P6.05 and P1.40, respectively.

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