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Friday, July 19, 2024

Bigtime fuel price hike in the offing

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The Department of Energy (DOE) warned of a big time oil price hike of as much a P1.90 per liter next week due to the movement of prices in the world oil market.

The DOE estimated the increases in the pump prices at P0.60 to P0.85 per liter for gasoline; P1.45 to P1.70 per liter for diesel; and P1.85 to P1.90 for kerosene based on the 4-day trading.

“We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market,” Department of Energy director Rodela Romero said in a statement.

She said the forecast of higher pump prices next week was driven by the upbeat global demand forecasts from the U.S. Energy Information

Agency (EIA) and the Organization of the Exporting Countries (OPEC) coupled with data showing a sharper than expected drop in US crude inventories.

Romero said other influencing factors are uncertainties over the timing of the US Fed Reserves on the interest rate cut, the reduced Saudi exports to China and potential US reserve purchases.

On June 11, 2024, the oil companies implemented a decrease on the prices of petroleum products. Gasoline, diesel and kerosene prices have decreased by P0.60, P1.20 and P1.30 per liter, respectively.

The DOE said year-to-date total adjustment of gasoline and diesel stand at net increase of P6.05 per liter and P4.25 per liter, respectively. Kerosene, on the other hand, has a net decrease of P1.55 per liter.

Retail prices in the National Capital Region range from P53.90 to P84.52 per liter for gasoline, P50.94 to P78.20 per liter for diesel and P71.09 to P81.09 for kerosene.

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