Home DOE: Another big-time fuel price hike seen next week

DOE: Another big-time fuel price hike seen next week

another big time fuel price hike seen next week

MANILA, PHILIPPINES — Motorists and the general public may need to prepare for another wave of large increases in petroleum product prices, which is expected to take effect next week, according to Department of Energy (DOE). 

In an interview with Dobol B TV on Friday, Director of the DOE’s Oil Industry Management Bureau Rino Abad revealed that gas might rise by P3.50 per liter, while diesel could rise by P4.54 per liter.

According to the oil industry source, the expected pump price adjustments are still subject to change depending on Friday’s trade.

The local oil sector uses MOPS, the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

On April 11, a barrel of oil cost $117.45, while on April 21, it cost $128.11.

The expected increase, according to Abad, is due to a halt in peace talks between Ukraine and Russia, discussions about restricting Russia’s energy exports, and the relaxation of lockdowns in China’s financial hub Shanghai.

“The DOE is closely monitoring global oil supply and price movements, in coordination with our downstream oil industry players. We are working to exhaust all measures that would help uphold consumer welfare during this challenging period,” DOE Secretary Alfonso Cusi said in a statement over Viber. 

Pump prices have risen for the most part this year as a result of global supply issues, which have been worsened in part by Russia’s invasion of Ukraine.

The pricing adjustments for oil products are as follows, based on data obtained from local oil corporations’ announcements since the beginning of the year: P15.45 per liter for gasoline, P27.35 per liter for diesel, and P21.55 per liter for kerosene. 

Every Monday, fuel companies usually announce price changes, which are implemented the following Tuesday. – WhatALife! 

Source: (philstar.com)

Also read: Fuel price hike on Tuesday, April 19

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