Pump prices seen rising next week
Credit to Author: Richmond Mercurio| Date: Sat, 1 Apr 2023 00:00:00 +0800
MANILA, Philippines — Pump prices are expected to rise next week, ending a series of rollbacks.
Cleanfuel said running trend as of yesterday showed a potential P1.30 per liter increase in gasoline prices and a P0.40 per liter hike for diesel.
“We are seeing reversal to a possible increase next week,” Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad said in an interview with dzBB yesterday.
Diesel and kerosene prices have dropped for three consecutive weeks, while gasoline prices have declined for two straight weeks.
Based on the first four trading days, Abad estimates gasoline prices to rise by more or less P1 per liter by next week.
He said diesel and kerosene, on the other hand, have a “small chance” of seeing an increase of not more than P0.50 per liter.
“We are returning to the situation where the (supply-demand) balance is very tight. There is also no event that supports a decrease (in prices),” Abad said.
The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.
Meanwhile, consumers will see further reduction in prices of cooking gas this month as retailers cut prices for a second consecutive month.
Petron said it would implement starting 12:01 a.m. today a P9.20 per kilogram reduction in LPG prices.
Its AutoLPG prices will likewise drop by P5.14 per liter.
“These reflect the international contract price of LPG for the month of April,” Petron said.
Other retailers have yet to make their announcement as of press time, but they are also expected to implement a downward price adjustment.