MANILA, Philippines — Pump prices of petroleum products are expected to increase again next week, marking the fourth hike in five weeks.
Based on the four-day trading in the global oil market, the Department of Energy (DOE) indicated upward adjustments of P0.70 to P0.90 per liter for gasoline, P0.70 to P1 per liter for diesel and P0.60 to P0.70 per liter for kerosene.
DOE-Oil Industry Management Bureau assistant director Rodela Romero attributed the price hike to escalating geopolitical tensions between Russia and Ukraine that continued to “dominate sentiment.”
Russia was the third-largest oil producer in the world in 2023, accounting for 11 percent of the total global oil production, data from the US Energy Information Administration showed.
“Russia’s oil refinery business is at risk of plant closure amid heavy losses and lower production,” Romero noted.
Jetti Petroleum president Leo Bellas, meanwhile, said concerns of an oversupplied market in the coming months have also provided upward support to oil prices.
Yesterday’s trading would determine the final domestic pump price adjustments, which will be announced on Monday and will take effect the following day.