Gas prices to go up by P1.40 per liter; kerosene prices by P6.10 per liter
(Eagle News) – Effective Tuesday, Aug. 30, another big oil price hike happens with diesel prices forecast to increase as much as P6.10 per liter.
Gasoline prices are also forecast to go up between P1.20 to P1.40 per liter, according to various social media posts by petroleum companies.
Kerosene prices will also go up by P6.10 per liter.
-2nd straight week of oil price hike-
This is the second straight week of oil price hike. But last week’s increase was much less than this Tuesday’s hike.
Diesel prices went up by P2.60 per liter last August 22, while gasoline prices increased by only 70 centavos per liter that day.
On August 30, the hike for gas prices will double at P1.40, while the increase in diesel prices is more than double at P6.10 per liter.
Before this, there had been six straight weeks of price rollback for gasoline and seven straight week of rollback for diesel.
-Tight supply, high demand in world market-
A Department of Energy official said that tight supply of crude in the world market, as well as high demand for energy and gas contributed to the expected hike in petroleum products.
In a Laging Handa press briefing on Friday, August 26, Assistant Director Rodela Romero of the DOE’s Oil Industry Management Bureau said that as of Friday, at least a P5 increase in the prices of diesel and kerosene is inevitable, while a more than P1 hike would happen in gasoline prices.
Romero said that in the four days of trading – from Monday to Thursday, their monitoring revealed that a hefty price hike would happen in petroleum prices by Tuesday, August 30.
Europe’s benchmark Dutch TTF gas contract rose Friday 341 euros per megawatt hour, not far from the record high struck in March after key gas producer Russia invaded Ukraine.
Meanwhile, as of Friday, August 26, German and French electricity futures prices soared to new records that are at least 10 times above last year.
(Eagle News Service)