CONSUMERS can expect another big-time oil price hike next week with as much as P1.40 per liter due to concerns over tightening global oil supply.
It would be the second consecutive week of price increases in the country.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said that based on the monitoring in the international oil market, “we will expect an increase in the prices of petroleum products by next week.”
Romero said gasoline may go up by P0.80 to P1.40 per liter, diesel by P0.40 to P1, and kerosene by P0.50 to P0.70.
She said this is attributed to fresh US sanctions on Iran’s oil shipping network that is seen to tighten global crude supply; and a sharper-than-expected decline in US crude inventories.
“Final adjustment will be determined after today’s trading and oil companies inputs on their related costs,” Romero said.
Meanwhile, Jetti Petroleum president Leo Bellas estimated the increase for gasoline from P1.10 to P1.30 per liter and diesel by P0.70 to P0.9 per liter based on the movement of the Mean of Platts Singapore (MOPS) and foreign exchange for the first four days of the week versus last week’s full week average.
“Oil prices continued its rally due to concerns about tightening supply, following fresh round of US sanctions on Iran,” Bellas said.
He said easing fears about economic uncertainty in the US, the prospects of lowering of tariffs on imported Chinese goods, and a drop in US fuel stockpiles have also helped shore up oil prices.
On April 22, the oil firms raised the price of gasoline by P1.35 per liter, diesel by P1.30 and kerosene by P1.10.
