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Manila Bulletin

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Slight increase in oil prices next week

Business

Slight increase in oil prices next week

By Myrna M. Velasco

Motorists are expected to shell out extra cash in their fuel budgets next week, as pump prices of gasoline are expected to increase slightly by P0.15 to P0.25 per liter.

MB file photo. (Mark Balmores)

Based on initial calculations of industry players, diesel could have a very marginal increase of P0.05 per liter.

Kerosene could have the heftiest upward price adjustment at P0.40 to P0.50 per liter, buoyed primarily by gradually recovering demand in industries using this commodity.

Oil companies are expected to announce the new batch of cost swings at the pumps on Tuesday (September 29), in keeping with the price adjustment cycle that the industry had already gotten used to.

Oil price movements remained to be on a seesaw because of unfolding demand rebound on one hand and threats of surging coronavirus infections in various parts of the world on the other.

According to the Department of Energy (DOE), the year-to-date adjustments had been a net decrease of P4.62 per liter for gasoline; P10.79 per liter for diesel; and P14.84 per liter for kerosene.

Massive price cuts were implemented during the lockdown periods in March to May this year, but consumers were not able to benefit from them because of the stay-at-home order of the government as the Covid-19 pandemic pummeled.

Related Tags

Oil prices DOE

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