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End of relief: Big fuel price hikes set after Holy Week

Business

End of relief: Big fuel price hikes set after Holy Week

Holy Week trips are done, and so are the rollbacks at the gas stations.

Starting Tuesday, April 22, expect gasoline prices to rise by ₱1.35 per liter, while diesel will increase by ₱1.30 per liter. Kerosene will also climb by ₱1.10 per liter.

Shell Pilipinas, Seaoil, PetroGazz, CleanFuel, Jetti Petroleum, Caltex, and PTT Philippines are among the fuel companies that announced these adjustments this afternoon.

During the second week of April, the Department of Energy (DOE) observed that gasoline prices in Metro Manila averaged around ₱56.90 to ₱71.44 per liter, while diesel ranged from approximately ₱54.30 to ₱56.10 per liter. Kerosene was at ₱71.37 per liter.

According to the DOE’s Oil Industry Management Bureau (OIMB)’s projection last week, these price adjustments are likely due to limited supply in the global market and compensatory output cuts from oil-producing nations.

“[There is a] tighter global supply driven by the United States’ (US) fresh sanction to Iran,” stated Rodela Romero, OIMB director.

Romero also attributed the potential increase to OPEC+ tightening supply through compensation cuts, following instances of exceeding production levels instead of implementing the planned reductions for May.

The OIMB also hopes that a resumption of US-China trade talks could slightly ease oil prices.

Jetti Petroleum previously noted that the US has put pressure on Iran regarding its nuclear program, following new sanctions that would curb Iran’s oil exports.

Related Tags

Diesel Kerosene prices Gasoline prices fuel price Oil price hike

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