Oil prices expected to go up this week

AFTER t hree straight w e e k s o f r o l l b a c k s , motorists should brace for a possible hike in fuel pump prices in the coming week, local oil industry sources said Saturday, May 13.

In its fuel price forecast f o r t h e M a y 1 6 t o 2 2 , 2023 trading week, Unioil Petroleum Philippines said the price per liter of diesel may increase by P1.30 to P1.50.

Gasoline prices may rise by P0.30 t o P0.50 per liter.

An oil industry source, citing oil trading i n the past four days, said that diesel prices may go up by P1.10 to P1.40 per l i ter, while gasoline prices may increase by P0.10 to P0.30 per liter.

Department of Energy ( D O E ) - O i l I n d u s t r y M a n a g e m e n t B u r e a u assistant director Rodela Romero said there i s an expected price i ncrease a c r o s s a l l p e t r o l e u m products.

“Nakita naming reason yung pagbaba ng inventory ng US due to increase in demand,” Romero said.

Oil companies usually announce price adjustments e v e r y M o n d a y, t o b e implemented the following day.

On Tuesday, May 9, fuel firms implemented a perliter decrease of P2.20 for gasoline, P2.70 for diesel, and P2.55 f or kerosene.

T h e l a t e s t p r i c e movements resulted in a year- to- date net decrease of P7.05 per liter for diesel a n d P7. 50 p er l i t er f or kerosene. Gasoline prices, on the other hand, have seen a net increase of P3.85 per liter.

Data f rom t he DOE’s p r i c e m o n i t o r i n g , a s o f May 12, showed the price per liter of gasoline ranged f ro m P 5 3 . 2 5 t o P 6 4 . 5 5 per l iter in Quezon City; diesel prices ranged from P49.41 to P55.84 per liter i n M a k a t i C i t y ; a n d i n Manila, kerosene prices ra n g e d f ro m P 6 4 . 3 1 t o P 6 9 . 8 0 p e r l i t e r.