Oil prices will likely go up anew next week at around P0.10 to P0.40 per liter to reflect the movement of prices in the world oil market.
An industry source said gasoline and diesel will likely go up by P0.10 to P0.40 per liter while kerosene is estimated to go up by P0.10 per liter or will have no movement.
DOE director for Oil Industry Management Bureau Rodela Romero said the price movement estimate is based on the four-day Mean of Platts Singapore trading of petroleum products.
“There will be an increase in the prices of gasoline and diesel,” Romero said.
Romero said world oil prices went up last week amid reports that leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan.
Reports that the US plans to purchase oil for its strategic petroleum reserve and the raging wildfires in Canada fueled supply worries and also influenced domestic pump price movement.
Analysts also took notice of the latest report of the International Energy Agency (IEA) which raised its forecast for world oil demand growth in 2023 to 2.2 million barrels per day, with China’s rebound even stronger than previously expected.
On May 16, the oil companies implemented a per liter increase of P0.35 for gasoline, P1.40 for diesel, and P1.20 for kerosene.
These resulted in a year-to-date net decrease for diesel at P5.65/liter and kerosene at P6.30/liter. Gasoline, on the other hand, has a net increase of P4.20/liter.