DOE sees P5 hike in diesel, kerosene
Motorists should brace for another price hike in fuel products on Tuesday, August 30, by as much as P5 a liter.
An official of the Department of Energy’s (DOE) Oil Industry Management Bureau said this was due to the higher demand for petroleum in other countries nearing their harvest or winter season.
“Based on our four-day forecast and with the Friday trading yet to be released, there will be an upward adjustment in the prices of petroleum products such as gasoline, diesel and kerosene,” said Rodela Romero, assistant director of the DOE-Oil Industry Management Bureau.
In a Laging Handa public briefing on Friday, Romero said diesel and kerosene products might increase by around P5 per liter, while gasoline may increase by more than P1 per liter.
She attributed the expected price hike to the increased demand for fuel products as some countries are nearing their respective harvest and winter seasons.
“Winter is approaching in some nations and we know that petroleum products and even liquified petroleum gas are heating fuels for the winter season. Other countries are nearing their harvest season, and they use petroleum products as well. So this is the reason for the increased demand for petroleum products,” Romero said.
Another factor is the tight supply of petroleum products in the world market due to the ongoing conflict between Russia and Ukraine, she said.
Oil companies usually announce their price adjustments for their products every Monday, to take effect the following day.
On August 23, petroleum companies increased the price of gasoline by P0.70 per liter and diesel by P2.60 per liter.
This brings the year-to-date total price adjustments at P18.15 per liter of gasoline, and P31.70 per liter of diesel.
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