By Junex Doronio
MANILA — Described by the Department of Energy (DOE) as the biggest yet for this year, motorists will again have to brace for another hike in oil prices on Tuesday (30 Jan 2024).
DOE Director Rodela Romero earlier said this may be due to the lowering of US crude stock amid high demand and the Chinese central bank’s release of a stimulus package for economic recovery.
“Estimated increase is attributed to the following relevant international oil market developments such as the US crude stockpile fell; stimulus package issued by the central bank of China to inject/reinforce its economic recovery; and India to become a single most important driver of oil demand growth,” Romero said.
Last week, oil companies also implemented an increase in pump prices.
Diesel prices were up by P0.95 per liter while gasoline prices increased by P1.30 per liter.
It is anticipated that gasoline prices will increase by P2.50 to P2.80 per liter.
Meanwhile, diesel prices will increase by P1 to P1.30 per liter.
Kerosene prices are seen to take the smallest hike at P0.40 to P0.60 per liter.
(el Amigo/MNM)
