Fuel price hikes seen next week

OIL industry sources said Friday that fuel prices are expected to rise once more, beginning April 9, 2024.

According to oil players, gasoline prices are expected to go up from P0.90 to P1.20 per liter and diesel prices by around P1.20 to P1.40 per liter. Kerosene price will increase by around P1.10 to P1.30 per liter.

These estimates are based on the four-day trading of the Mean of Platts, Singapore, and the pricing basis for many refined products in Southeast Asia.

According to the Department of Energy's Oil Industry Management Bureau, the reason for the price movements is once again due to various global geopolitical situations.

These include the Israel-Hamas fight possibly spreading to Iran, Ukraine's continued attack on Russian refineries, the Organization of the Petroleum Exporting Countries' (OPEC) decision to continue supply cuts, and signs of strong economic growth from the US and India, which in turn fuels demand.

Last week, and on April 2, 2024, local oil companies implemented a rollback in the prices of diesel and kerosene by P0.60 and P1.05 per liter, respectively.

However, gasoline prices increased by P0.45 per liter.