Oil prices to go up this week

il companies are e pected to raise prices this Holy eek, industry sources said yesterday.

However, oil firms have not yet issued their respective announcements as of press time.

P said the increase may range between P0.50 to P0.60 per liter for gasoline but it has yet to provide actual figures.

“ hese are ust pro ections,” a source said.

Another source said local petroleum players are still computing the actual price hike as the appreciation of the peso against the dollar may temper the increase in the price of fuel, which is imported.

If the increase will push through, it would reverse the rollback local petroleum players implemented last week when oil firms cut prices by P0.15 per liter for gasoline, P0.30 per liter for kerosene and P0.35 per liter for diesel.

il companies said ad ustments in local petroleum prices track movements in the global crude market.

According to the epartment of Energy ( E) s latest oil price monitoring report dated April 10, gasoline market sentiments were mi ed on uncertainties over regional demand.

he E, citing data from oil industry data company Platts, said import re uirements from Indonesia, Asia s biggest gasoline importer, remain unclear until ne t week.

“Meanwhile, Asia could see less cargo from India as more supply is directed to the Mediterranean market a structural supplier to the Middle East. Lower output from refineries in the Mediterranean region and a higher pull for cargoes from orth Africa caused additional tightness amid refinery maintenance season in Asia,” the E said.

evertheless, Platts further noted an upbeat market for Asian gasoil or diesel amid pro ections of supply further tightening as more refineries are scheduled for maintenance, the E said.

he E also hinted in its report that prices may go up on stronger demand.

“About 2.13 million barrels per day or more of crude distillation capacity will be taken offline in May, the peak of scheduled maintenance in Asia. In addition, the summer season looming ne t month in the Middle East is e pected to raise imports of 500 ppm sulfur gasoil from audi Aramco to meet their local demand for power generation for air-conditioning use,” the E said.