Oil firms announced Saturday a much higher forecasted increase in pump prices—by as much as P2.50 per liter for gasoline—effective Tuesday due to the movement of prices in the world market.
“Expect fuel prices to go up next week (Jan. 30 to Feb. 5, 2024). Diesel will increase by P1.00 to P1.20 per liter. Gasoline will increase by P2.30 to P2.50 per liter,” Unioil Petroleum Philippines said in an advisory.
Industry sources earlier said domestic pump prices will increase by P1.95 to P2.10 per liter for gasoline, P0.65 to P0.85 per liter for diesel and P0.20 to P0.30 per liter for kerosene based on the four-day trading data.
World oil prices received a boost on Friday on positive US economic growth and the China economic stimulus.
Department of Energy director for the oil industry management bureau Rodela Romero attributed the impending oil price hike to the reduction in the US crude stockpile, the issuance of a stimulus package by the Central Bank of China to reinforce its economic recovery and India’s role of becoming the single most important driver of oil demand growth.
DOE data showed that gasoline prices at the National Capital Region average from P54 to P79 per liter while diesel prices range from P52.20 to P68.45 per liter. Kerosene sells from P71.64 to P83.03.
Pump prices vary depending on the location, brand and market forces.
On Jan. 22, 2024, oil companies implemented an increase in the price of gasoline by P 1.30 per liter and P 0.95 per liter in diesel but did not move kerosene prices.
The net adjustment of both gasoline and diesel stood at a net increase of P1.60 per liter year-to-date. Kerosene, on the other hand, remained at a net decrease of P0.40 per liter.