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Brace for pain at the pump: Hefty fuel hike imminent

Business

Brace for pain at the pump: Hefty fuel hike imminent

By Gabriell Christel Galang

Motorists should prepare for another hefty rise in oil prices next week, as industry estimates suggest this increase is likely.

The industry insiders forecast that diesel prices could surge by P1.85 to P2.05 per liter, while gasoline prices may jump by P1.30 to P1.50 per liter.

Leo Bellas, Jetti Petroleum president attributed the expected increase to the decision by the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) along with other major oil producers, to delay planned oil output increases until the end of the year.

This effectively extends production cuts through December.

The announcement, made last Sunday, reflects a joint decision by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

Bellas also cited reports that Iran could potentially retaliate against Israel in the coming days, posing a risk to global oil supply.

As one of the largest oil-producing countries, any disruption in Iran could trigger a ripple effect on fuel prices worldwide.

Further contributing to the anticipated price hike is a tight regional supply of gasoline and diesel, caused by reduced outflows from China and India.

Analysts have also pointed to a weak demand outlook from China and the impact of changing interest rates in the United States in recent weeks.

Last week, the Department of Energy (DOE) reported that gasoline prices in Metro Manila ranged from P55.85 to P64.23 per liter, while diesel prices were between P52.40 and P52.90 per liter.

Related Tags

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