Pump prices of gasoline and diesel are projected to increase next week, according to Department of Energy officials. The increases are attributed to factors such as a stronger US dollar, falling US crude stocks, the ongoing conflict in the Middle East, and production cuts by oil-producing nations.
Another round of increases in pump prices of gasoline and diesel is expected next week. Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero estimated the following adjustments in domestic pump prices: Gasoline - increase of 0.35 to 0.70 Diesel - increase of 1.10 to 1.40 Kero -increase of 0.90 to 1.00. This is based on the four-day trading in Market Operator Performance Standards.
The relevant news for the week in the international oil market that contributed to the said adjustments are stronger US dollar and fall of US crude stocks,' Rommero said. 'Final adjustments will be determined by today’s MOPS trading and other operating costs of the oil companies,' she added. In a separate DZBB Super Radyo Interview, Romero said added factors to the oil price hike include the continuing armed conflict in the Middle East and production cuts by oil-producing countries.'The Middle East conflict remains unresolved, and oil-producing countries moved the date for increased production to April 2025,' explained Romero. Oil companies announce official per liter price adjustments every Monday, which will take effect on the following day.—VAL, GMA Integrated New
FUEL PRICES OIL MARKET DIESEL GASOLINE INTERNATIONAL ECONOMICS
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