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Manila Bulletin devider Business devider Oil price hike looms next week

Oil price hike looms next week

Published Jan 10, 2025 02:46 am

Motorists should brace for another round of fuel price increases as analysts expect the second hike of the new year.

Based on the four-day Means of Platts Singapore (MOPS) and foreign exchange averages, gasoline prices could increase by P0.40 to P0.80 per liter, diesel by P0.45 to P0.80 per liter, and kerosene by P0.65 to P0.75 per liter.

The Department of Energy's (DOE) Oil Industry Management Bureau (OIMB) cited declining production from the Organization of the Petroleum Exporting Countries (OPEC) and Russia in December as a contributing factor.

"An additional factor was a new employment survey from the United States, [where] layoffs were low and job openings were growing, suggesting a strong economy," OIMB Director Rodela Romero said on Friday, Jan. 10.

Several US states were also placed under a state of emergency as the US and Europe faced cold blasts, increasing demand for heating fuels over the winter season.

Jetti Petroleum attributed the price movement in the Asian region to rising demand driven by China's economic stimulus. However, diesel and gasoline exports may remain limited.

This week, petroleum products saw their first price increase of the year, with gasoline and kerosene rising by P1.00 per liter and diesel by P1.40 per liter.

According to the DOE, gasoline had a total net increase of P12.75 per liter last year, while diesel had a net increase of P11.00 per liter. Kerosene, on the other hand, decreased by a net total of P2.70 per liter.

The week-on-week price of Dubai crude as of early January climbed by $1.80 per barrel, while gasoline increased by US$1.90 per barrel, diesel by US$2.80 per barrel, and kerosene by $2.50 per barrel.

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