By el Amigo
MANILA — Motorists should prepare for another surge in retail prices of petroleum products in the upcoming week, potentially marking the fourth consecutive week of escalating prices.
Based on industry estimates derived from the last four days of oil trading, Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, indicated that the price per liter of gasoline might rise by P1.95 to P2.10.
Meanwhile, diesel prices may experience an increase ranging from P0.65 to P0.85 per liter, and kerosene prices could see an upward adjustment of P0.20 to P0.30 per liter.
An additional source in the oil industry suggested that gasoline prices might witness an increase of P2.10 to P2.40 per liter, while diesel prices could potentially rise by P0.70 to P1.00 per liter.
Romero attributed the estimated increase to significant international oil market developments, including a decrease in the US crude stockpile, a stimulus package issued by the central bank of China to bolster its economic recovery, and India emerging as a pivotal driver of oil demand growth.
Typically, oil companies announce price adjustments every Monday, with implementation scheduled for the following day.
As of Tuesday, January 23, oil companies elevated gasoline prices by P1.30 per liter and diesel by P0.95 per liter, while kerosene prices remained unchanged.
The most recent price adjustments resulted in a year-to-date net increase of P1.60 per liter for both gasoline and diesel. In contrast, kerosene experienced a net decrease of P0.40 per liter.
In Metro Manila, prevailing retail prices as of January 23 to 25 ranged from P54.70 to P77.85 per liter for gasoline, P52.20 to P68.45 per liter for diesel, and P71.64 to P83.03 per liter for kerosene, according to the latest data from the DOE’s price monitoring.
(MNM)
