Oil industry sources predict an increase in fuel prices next week, driven by global events such as the extended OPEC+ production cuts, increased demand due to winter, and geopolitical tensions.
Oil industry sources said Friday that fuel prices are seen to go up next week, due to recent global developments .Gasoline prices will have an increase of between 40 to 70 centavos per liter, while diesel prices will go up by 75 centavos up to P1 per liter.Furthermore, kerosene prices are expected to follow suit, as sources said they will rise by 70 up to 80 centavos per liter. An attendant holds fuel pumps at a gasoline station in Manila.
TMT FILE PHOTOThese estimates are based on the four-day trading of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.According to the Department of Energy's Oil Industry Management Bureau (DOE-OIMB), the reasons for the increases next week are mostly again due to global geopolitical developments, such as increased demand because of the winter season.'Fuel prices are expected to go up next week, driven by several global factors. These include the OPEC+ extending the 2.2 million barrels per day production cuts until April 2025; increase in demand in US and Europe due to potentially severe cold blasts in January; and continued geopolitical risks and trade tensions which may cause short-term oil price volatility,' DOE-OIMB director Rodela Romero said in a message to the media.Effective Dec. 31, 2024, the local oil companies implemented a rollback on the price of petroleum products, as both gasoline and diesel decreased by 30 centavos per liter while kerosene decreased by 90 centavos per literOn a year-to-date basis, the total adjustment of gasoline and diesel stands at a net increase of P12.75 per liter and P11 per liter, respectively, for 2024.On the other hand, kerosene has a total net decrease of P2.70 per liter
FUEL PRICES OPEC+ GLOBAL DEVELOPMENTS ENERGY OIL INDUSTRY
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