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Manila Bulletin devider Business devider Expect higher gasoline, diesel prices next week

Expect higher gasoline, diesel prices next week

Published Dec 13, 2024 05:12 am

Christmas day is just around the corner, but motorists may have to tighten their belts further as pump prices are expected to rise again next week.

Based on estimates, gasoline prices could see their third consecutive weekly increase, with a potential rise of P0.15 to P0.50 per liter. Diesel prices, which have enjoyed a two-week rollback, may also increase by P0.10 to P0.50 per liter.

Kerosene, meanwhile, is expected to see a rollback of P0.20 to P0.30 per liter.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), the price increase can be attributed to an anticipated rise in global primary energy demand and ongoing geopolitical strains.

"[There was] a brief price surge, quickly eclipsed by concerns over China’s weak demand," said Rodela Romero, OIMB director.

Additionally, tighter supply concerns are impacting prices due to planned European Union sanctions and the decision by OPEC+ nations to delay production increases.

Leo Bellas, president of Jetti Petroleum, added that China's efforts to increase its oil demand are also contributing to upward price pressure. "Prices also found support on China’s vow to ramp up policy stimulus as this could boost demand," he noted.

Despite these factors, India's continued supply of gasoline to Asia is helping to mitigate more significant price increases, particularly as China and South Korea face limited exports.

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