Oil prices expected to go up next week

After three straight weeks of rollbacks, motorists should brace for a possible hike in fuel pump prices in the coming week, local oil industry sources said Saturday.

In its fuel price forecast for the May 16–22, 2023 trading week, Unioil Petroleum Philippines said the price per liter of diesel may increase by P1.30 to P1.50.

Gasoline prices may rise by P0.30 to P0.50 per liter.
 
An oil industry source, citing oil trading in the past four days, said that diesel prices may go up by P1.10 to P1.40 per liter, while gasoline prices may increase by P0.10 to P0.30 per liter.
 
Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that there is an expected price increase across all petroleum products.

“Nakita naming reason ‘yung pagbaba ng inventory ng US due to increase in demand,” Romero said. 

(The reason behind this is that we saw a decrease in US inventory due to an increase in demand.)

Oil companies usually announce price adjustments every Monday, to be implemented the following day.

On Tuesday, May 9, fuel firms implemented a per-liter decrease of P2.20 for gasoline, P2.70 for diesel, and P2.55 for kerosene.

The latest price movements resulted in a year-to-date net decrease of P7.05 per liter for diesel and P7.50 per liter for kerosene. Gasoline prices, on the other hand, have seen a net increase of P3.85 per liter.

Data from the DOE’s price monitoring, as of May 12, showed the price per liter of gasoline ranged from P53.25 to P64.55 per liter in Quezon City; diesel prices ranged from P49.41 to P55.84 per liter in Makati City; and in Manila, kerosene prices ranged from P64.31 to P69.80 per liter.  —VBL, GMA Integrated News