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Oil price pain anticipated next week

Business

Oil price pain anticipated next week

By Gabriell Christel Galang

Motorists may face higher fuel prices at the start of April, requiring them to tighten their belts once again.

Based on the four-day trading in Mean of Platts Singapore (MOPS), gasoline could increase by around ₱0.80 to ₱1.35 per liter, while diesel could spike by around ₱0.75 to ₱1.25.

Kerosene is also projected to rise by around ₱0.95 to ₱1.10 per liter.

According to analysts from the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), these peso spikes could be driven by the ongoing tariff wars initiated by United States (US) President Donald Trump, along with other geopolitical tensions that continue to loom over oil production and transport.

“US sanctions on Iran could remove one million barrels per day (MMBD) from global supply, [while there is] a US threat of tariffs on nations buying Venezuelan crude oil,” said Rodela Romero, OIMB director.

Additionally, she attributed the potential oil increases to the ongoing Russia-Ukraine war, which could continue attacks on energy installations.

Jetti Petroleum also mentioned that the crude and fuel inventories in the US fell more than expected, which would signal a strong demand in the market.

“The latest OPEC+ output plan that will require seven member nations to make further oil output cuts to compensate for their past overproduction could overtake the production hikes the group plans to introduce next month,” said Leo Bellas, Jetti Petroleum president.

The streak of rollbacks ended on Tuesday, as gasoline prices jumped by ₱1.10 per liter, while both diesel and kerosene were up by ₱0.40 per liter.

Last week, gasoline in Metro Manila was priced somewhere between ₱55.25 and ₱69.67 per liter. Diesel cost ₱50.80 to ₱58.20, while kerosene was at ₱70.27 per liter.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices Oil price

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