P2 fuel price increase expected next week

p2 fuel price increase expected next week

P2 fuel price increase expected next week

MANILA, Philippines — Industry players hinted at a price hike of up to almost P2-a-liter next week as various global developments including the projected increase in global demand make pump prices volatile.

In an advisory over the weekend, Unioil said diesel might increase by P1.60 per liter to P1.80 per liter and gasoline by 70 centavos to 90 centavos per liter.

The Department of Energy (DOE) provided a similar estimate, saying the gasoline might increase by 60 centavos to 85 centavos per liter.

READ: Oil firms cut prices by 60 centavos to P1.30 per liter

‘Uncertainties’

The estimated price hike on diesel ranged between P1.45 per liter and P1.70 per liter while kerosene is seen to rise by P1.85 per liter to P1.90 per liter.

“Among the relevant news that contributed to the trajectory increase of oil prices are the upbeat global demand forecasts from Energy Information Administration and Organization of Petroleum Exporting Countries coupled with data showing a sharper than expected drop in US crude inventories,” said Rodela Romero, director of the DOE’s Oil Industry Management Bureau.

She stressed the “uncertainties of the timing of the Federal Reserves on the interest-rate cut and the reduced Saudi exports to China and potential US reserve purchases.”

Last week, local oil firms reduced the price of gasoline by 60 centavos per liter and diesel by P1.20 per liter. Kerosene also decreased by P1.30 per liter.

Based on the DOE’s price monitoring, gasoline is priced from P53.90 per liter to P84.52 per liter in Metro Manila as of June 11 to 17.

Diesel prices range from P50.94 per liter to P78.20 per liter while kerosene is sold from P71.09 per liter to P81.09 per liter in the metro.

OTHER NEWS

4 hrs ago

Michael J. Fox Celebrates Wife Tracy Pollan's 64th Birthday with Heartfelt Tribute Post: 'I Love You'

4 hrs ago

Bohol farmers continue to pray for rain

4 hrs ago

Seahawks receiving mixed reviews for running backs group

4 hrs ago

Inside Gaza aid depot: Food waits as Israel and UN trade blame

4 hrs ago

Cavitex toll-free for 30 days

4 hrs ago

These Soup Dumplings Will Warm You To The Core

5 hrs ago

Dani Olmo talks about a possible Barcelona return

5 hrs ago

PH educational system should produce a Jensen Huang

5 hrs ago

Privacy agency wary of Comelec proposal

5 hrs ago

Nerveless Wharton could be the answer to England’s midfield conundrum

5 hrs ago

Korda shoots 81, misses cut at PGA

5 hrs ago

Warriors' negotiations with five-time All-Star have hit big snag

5 hrs ago

Nvidia's run, IRS loophole targeted and McDonald’s value meal

5 hrs ago

3 Astros trade packages working together to overtake Mariners in AL West

5 hrs ago

Another big-time fuel price hike looms next week

5 hrs ago

Govt readies measures against La Niña

5 hrs ago

Houthi claim of attack on US aircraft carrier false, US officials say

5 hrs ago

Gilas women set foot in China

5 hrs ago

Correa loses F2 podium in myriad of post-race penalties

5 hrs ago

Hawaii settles lawsuit from youths over climate change. Here's what to know about the historic deal

5 hrs ago

EU tariffs on China not a 'punishment', says German economy minister

5 hrs ago

Westbrook Brewing Company Pops the Top on Nonalcoholic Production With Ceebo

5 hrs ago

The Best-Selling Belt Bag Shoppers Call Perfect for the Beach, Errands, and Sporting Events Is $7 at Amazon

5 hrs ago

Latest mock draft has Sixers taking Duke point guard Jared McCain at 16

6 hrs ago

Barely anyone's heard of my incurable cancer

6 hrs ago

DeMar DeRozan should forget about Chicago and chase a championship

6 hrs ago

Opening of Grand Westside Hotel to generate more jobs – Marcos

6 hrs ago

Toshiba's Ultra-Fast Rechargeable SCiB Batteries Gets 50% Capacity Boost

6 hrs ago

VNL 2024: Yuki Ishikawa, Japan rally past Olympic champion France

6 hrs ago

Red Sox rookie reflects on finally making it to the MLB after 11 seasons

6 hrs ago

Tungsten Arm O'Doyle gets his revenge in Shohei Ohtani's first game against the Angels

6 hrs ago

Talk ‘N Text, PBA Stalwarts March on

6 hrs ago

Sink or swim

6 hrs ago

Vatican names China's Hangzhou bishop via accord with Beijing

6 hrs ago

Russian bomb attack kills three, injures 52 in Ukraine's Kharkiv

6 hrs ago

Dejounte Murray could be first addition to JJ Redick's Lakers team

6 hrs ago

Against Japan, Christenson hopes USA gets share of love from Pinoy fans too

6 hrs ago

Sam LaPorta tops PFF's preseason TE fantasy football rankings

6 hrs ago

Spanish nuns excommunicated after sect claim, property row

7 hrs ago

Houthis claim attack on ship that docked in Israel