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Manila Bulletin devider Business devider First oil price hike of 2025 expected next week

First oil price hike of 2025 expected next week

Published Jan 3, 2025 01:30 am

The recent rollback in oil prices may be short-lived, as analysts forecast the first increase of the year.

Based on the first four days of trading on the Means of Platts Singapore (MOPS) and the average foreign exchange rate, gasoline prices are anticipated to rise by P0.40 to P0.75 per liter next week, while diesel could climb by P0.55 to P1.

Kerosene prices could also increase by P0.70 to P0.80 per liter.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) described this as possible short-term volatility due to continued geopolitical risks and tensions.

The Organization of the Petroleum Exporting Countries Plus (OPEC+) has also decided to extend its 2.2 million barrels per day (MMBD) production cut until April.

Moreover, demand surged in the United States and Europe due to severe cold blasts that increased the need for heating fuels.

Additionally, Jetti Petroleum noted that while China’s fuel demand and economy might recover by the start of the year, its lower exports to other countries could tighten regional supply, driving prices higher.

Despite concerns about short supply, Jetti stated that prices will not rise alarmingly, as the US has been stockpiling fuel.

This week, consumers experienced a small measure of relief as petroleum products saw a P0.30 price drop at the start of the year.

Before the start of 2025, a liter of gasoline cost P57.30 to P67.63, while diesel cost between P55.35 and P68.29, and kerosene cost P71.85.

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