Another round of oil price hikes next week

MANILA, Philippines — Another round of oil price hikes is projected for next week, with diesel expected to have the biggest adjustment.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero estimated an increase of P0.85 to P1.15 per liter for gasoline, P1.55 to P1.85 for diesel and P1 to P1.10 for kerosene.

The estimates were based on the four-day trading of Mean of Platts Singapore.

Romero said among the factors that push oil prices up are the continued geopolitical tensions and supply risks.

“Last June 18, a Ukrainian drone strike caused a fire at a major Russian oil terminal, while Israel’s ‘all-out war’ with Lebanon’s Hezbollah contributed to the tension,” she said.

OPEC’s positive outlook on global oil demand for this year and the next, as well as the peak summer driving season in the Northern Hemisphere area, also support oil prices, Romero added.

The final price adjustments for next week will be announced on Monday, June 24, which will take effect the next day.

Last Tuesday, oil companies implemented price increases of P0.85, P1.75 and P1.90 per liter for gasoline, diesel and kerosene, respectively.

This brought the year-to-date upward adjustment of gasoline, diesel and kerosene to P6.90, P6 and P0.35 per liter, respectively.