BIGTIME OIL PRICE HIKE SEEN NEXT WEEK - DOE

Almost P2 will be increased on oil prices for next week (Photo courtesy of ABS-BCN News)

A big-time oil price hike between P0.60 and close to P2 per liter is possible to implement for next week according to the Department of Energy (DOE). 

DOE-Oil Industry Management Bureau Director III Rodela Romero said, “We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market.”

Based on the four-day trading, the estimated upward adjustment of P0.60 to P0.85 per liter for gasoline and P1.45 to P1.70 for diesel. The biggest increase is expected on the price of kerosene which is P1.85 to P1.90 per liter.

According to the DOE, this is due to the developments in the international oil market and increase in demand for crude oil in different countries.

“Among the relevant news that contributed to the trajectory increase of oil prices are the upbeat global demand forecasts from EIA (Energy Information Administration) and OPEC (Organization of Petroleum Exporting Countries) coupled with data showing a sharper than expected drop in US crude inventories; uncertainties over the timing of the US Fed Reserves on the interest rate cut and the reduced Saudi exports to China and potential US reserve purchases,” Romero said.

Source: GMA Integrated News 

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