RETAIL prices of petroleum products are expected to go up again next week, according to the Department of Energy on Friday.
Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said gasoline may increase by P0.75 to P0.95 per liter, diesel by P1.50 to P1.70 per liter, and kerosene by P1.05 to P1.15 per liter.
She said the possible price increase was due to drone attacks and fires at oil facilities in Russia designed to disrupt supply lines and logistics.
Romero also cited the proposal to extend the OPEC+ production cut of 2.2 million barrels per day until the first quarter of 2024, US Federal Reserve’s plans to cut interest rates, and China’s economic stimulus package.
On January 30, oil companies implemented a per-liter increase in the price of gasoline, diesel, and kerosene by P2.80, P1.30, and P0.45, respectively.
According to the DOE, the total year-to-date price adjustment of gasoline and diesel stands at a net increase of P4.40 per liter and P2.90 per liter, respectively, as well as a net decrease of P0.05 per liter for kerosene.
