THE Department of Energy (DOE) has confirmed an impending big time oil price hike of up to P1.90 per liter to reflect the movement of prices in the world
THE Department of Energy has confirmed an impending big time oil price hike of up to P1.90 per liter to reflect the movement of prices in the world oil market.
She said this includes the impact of the storm that is expected to cut US output in the Gulf of Mexico and the Organization of the Petroleum Exporting Countries and its allies’ delayed plans to increase production in December.“Other contributing factors in the estimated increase for oil prices by next week are the depreciation of the peso, the premium added to the purchase of the petroleum products, and the freight cost,” she said.
Jetti Petroleum president Leo Bellas earlier predicted an increase of P1.85 to P2.05 per liter for diesel and P1.30 to P1.50 per liter for gasoline. “The Trump presidency could have an impact on oil prices (although it may go down if more tariffs are imposed on China because Chinese demand could go down; prices could go up if stricter sanctions are imposed on Iran and Venezuela that will lead to tighter supply,” Bellas said.
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