Impending Surge in Fuel Prices Set to Hit Motorists for the Fourth Consecutive Week

Motorists are set to face the fourth consecutive week of escalating fuel prices, with significant increases anticipated across gasoline, diesel, and kerosene products in the upcoming week. This forecast is based on industry predictions and recent oil trading trends.

The Department of Energy-Oil Industry Management Bureau’s Assistant Director, Rodela Romero, provided estimates indicating a substantial rise in fuel costs. The projected increase per liter for gasoline is between P1.95 and P2.10. Diesel is not far behind, with an expected hike ranging from P0.65 to P0.85 per liter, and kerosene prices are predicted to adjust upward by P0.20 to P0.30 per liter.

Further insights from another industry source suggest even steeper increments. Gasoline prices might surge by P2.10 to P2.40 per liter, while diesel could see a rise of P0.70 to P1.00 per liter.

Romero attributed these anticipated increases to several significant factors influencing the international oil market. Key among these are a decrease in US crude stockpiles, a substantial stimulus package introduced by China’s central bank aimed at bolstering its economic recovery, and India’s emergence as a pivotal force driving global oil demand growth.

Oil companies typically announce their price adjustments on Mondays, with the changes coming into effect the subsequent day. As of the recent update effective Tuesday, January 23, gasoline prices had already seen an increase of P1.30 per liter, and diesel rose by P0.95 per liter. Kerosene prices remained unchanged.

These recent adjustments have cumulatively led to a net increase of P1.60 per liter for both gasoline and diesel for the year. In contrast, kerosene has experienced a net decrease of P0.40 per liter.

In terms of retail prices within Metro Manila, gasoline is currently priced between P54.70 and P77.85 per liter, diesel ranges from P52.20 to P68.45 per liter, and kerosene varies between P71.64 to P83.03 per liter, as per the latest data from the DOE’s price monitoring spanning January 23 to 25.