Expect higher pump prices next week
1 min read
Oil companies are expected to hike fuel prices again in the coming week due to further tightening of global crude supply.
The Department of Energy has estimated a potential price increase of P0.80 to P1.40 per liter for gasoline, P0.40 to P1 per liter for diesel and P0.50 to P0.70 per liter for kerosene.
The estimates reflect the trading results in the global oil market over the past four days.
Oil Industry Management Bureau assistant director Rodela Romero linked the estimated adjustments to a fresh round of US sanctions on Iran’s oil shipping network.
The measures, she said, further tightened crude supply in the international market.
Also exerting upward pressure on prices was the “sharper-than-expected” decline in US crude inventories, Romero said.
Jetti Petroleum president Leo Bellas, meanwhile, said the easing worries over the economic uncertainty in the US and the prospects of lowering tariffs on imported Chinese goods also pushed oil prices higher.
Yesterday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.
Last Tuesday, gasoline, diesel and kerosene prices went up by P1.35, P1.30 and P1.10 per liter, respectively.
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