Fuel Firms Expected Another Round of Oil Price Hike Next Week

FUEL PRICE ADJUSTMENT – Various fuel companies are expecting another round of oil price hike in the upcoming week.

Filipino motorists should prepare for another increase in fuel prices in the upcoming week, following a series of recent hikes. The price of petroleum products including gasoline, diesel, and kerosene seen another round of increases.

The Department of Energy’s Oil Industry Management Bureau Director III, Rodela Romero cited the estimates from the oil industry showing the possible upward adjustments on Tuesday (April 16, 2024).

Gasoline prices may have no change or an increase of up to P0.20 per liter, diesel prices are expected to go up by ₱0.80 to ₱1.00 per liter. Meanwhile, kerosene is estimated to climb by ₱0.85 to ₱1.00 per liter.

The final price changes will be decided upon following an assessment of Friday’s trading activity and other global oil events.

An increase in geopolitical tensions in the Gaza Strip, where Israeli airstrikes caused deaths, is partially to blame for the expected increase in fuel prices. Romero points out that the US’s building crude and fuel inventories, however, is what is taming the surge.

Oil companies typically announce price adjustments on Mondays, and take effect the following day.

Oil firms increased the price of gasoline by ₱1.10 per liter, diesel by ₱1.55, and kerosene by ₱1.40 per liter as of April 9, 2024. To date this year, the net increase for gasoline, diesel, and kerosene per liter is ₱9.30, ₱6.05, and ₱1.40, respectively.

The Department of Energy warns of potential further price hikes in the third week of April. Romero indicates that recent trading trends suggest possible increases in the following amounts:

This is a developing report, just visit this website regularly or refresh the page for further updates.

RELATED ARTICLE: Big-Time Oil Price Hikes Set on April 9, 2024 (Araw ng Kagitingan)