April 15, 2024

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DOE sees hike in gasoline prices, cut in diesel and kerosene

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The Department of Energy (DOE) expects mixed movements in the prices of petroleum products next week.

DOE Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad said gasoline prices will likely increase by P0.40 to P0.50 per liter on Tuesday, March 5. However, he said there will likely be cuts in the prices of diesel and kerosene.

“There is a big chance we will have an increase in gasoline prices. Based on our estimates, it will be P0.40 to P0.50 per liter, depending on the trading price today,” Abad said during the Bagong Pilipinas Ngayon briefing on Friday.

The expected hike in the pump prices of gasoline is due to the potential extension of the OPEC+ output cut and the imposition by Russia of a six-month ban on gasoline exports starting March 1, according to the DOE-OIMB.

According to the agency’s estimates, diesel prices will likely be rolled back by P0.30 to P0.60 per liter while prices of kerosene will likely go down by P0.30to P0.50 per liter.

“The final figures, however, will depend on the trading price movements today (Friday),” Abad said.

On Feb 27, local oil companies rolled back the price of gasoline by P0.70 per liter while that of diesel was cut by P0.95 per liter.

Source: DOE sees hike in gasoline prices, cut in diesel and kerosene (msn.com)

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