Over P1 fuel price hike seen next week

After a round of rollbacks, pump prices of petroleum products are expected to go up big-time in the coming week.

“There will be price increases in gasoline, diesel, and kerosene for next week, Tuesday, February 20,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said, citing oil industry estimates based on trading in the past four days.

“Estimated adjustment ranges from P1.10 to P1.50 [per liter],” Romero said.

The expected oil price hike next week could be due to the following developments:

• Middle East conflict intensifies at the Lebanese border.
• US crude stockpiles surge.
• Disruption of shipping in the Red Sea and Suez Canal.
• OPEC forecast of strong demand for 2024

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

Effective Tuesday, February 13, fuel firms slashed the per liter prices of gasoline, diesel, and kerosene by P0.60, P0.10, and P0.40, respectively.

The latest price movements brought the year-to-date adjustments to stand at a net increase of P4.45 per liter for gasoline, P4.30 per liter for diesel, and P0.45 per liter for kerosene.

In Metro Manila, the prevailing retail prices of gasoline range from P55.90 to P78.35 per liter, diesel prices range between P53.77 and P67.40 per liter, while kerosene prices range from P72.49 to P83.84 per liter, according to the latest data from the DOE’s price monitoring as of February 13 to February 15, 2024. —VAL, GMA Integrated News