Oil price hike looms next week

MANILA, Philippines — An increase in the prices of petroleum products is expected next week, potentially putting an end to the rollbacks implemented in the past two weeks.

Cleanfuel said running trend as of yesterday showed a possible P0.70 per liter hike in gasoline prices and a P0.90 per liter increase for diesel.

“Based on the four days of trading in the international oil market, it appears that there is a looming increase in the prices of petroleum products like gasoline, diesel and kerosene,” Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said in an interview with dzBB yesterday.

Romero said the potential price increases could be less than P1 per liter for gasoline, almost P1 per liter for diesel and less than P0.50 per liter for kerosene.

“We all know that we are dependent since we are a net importer,” she said.

Romero said the two main reasons for the potential upward price adjustments are Russia’s plan to cut crude production and the International Energy Agency’s announcement raising its global oil demand forecast for 2023.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.