Over P1 fuel price hike seen next week

MANILA, Philippines — Oil prices are expected to increase next week, according to Department of Energy Oil Industry Management Bureau assistant director Rodela Romero.

Motorists should prepare for an estimated oil price increase of around P1.10 to P1.50 per liter for gasoline, diesel and kerosene.

“There will be price increases in gasoline, diesel and kerosene for next week, Tuesday, Feb. 20,” Romero said. 

Among the reasons for the price hike, according to her, is the Middle East conflict, which intensified at the Lebanese border. 

Recent updates from the war say the Israel-Hamas conflict was gathering momentum in Lebanon, as Israel responded to a rocket barrage from Hezbollah through a series of strikes in southern Lebanon. 

Moreover, the US crude stockpiles surge and the disruption of shipping in the Red Sea and Suez Canal has also caused the increase in pump prices. 

The forecast of Organization of Petroleum Exporting Countries of strong demand in 2024 also caused the hike, Romero said. 

The global oil demand will grow by 2.2 million barrels per day this year, according to OPEC.

The increase, Romero estimated, was after a four-day trading of Mean of Platts Singapore.