Oil firms to hike prices by as much as P1.25/l next week

Domestic pump prices will likely go up next week by as much as P1.25 per liter to reflect the volatility of world oil prices amid the ongoing Israel-Gaza war.

An industry source said Friday diesel may go up by P1.15 to P1.25 per liter while gasoline will increase by P0.75 to P0.85 per liter.

Department of Energy director for the oil industry management bureau Rodela Romero confirmed a possible oil price hike based on the first four-days of Mean of Platts Singapore (MOPS), the benchmark of oil importers.

Romero said among the reasons for the increase in world oil prices are Iran’s appeal to the Organization of the Petroleum Exporting Countries for an oil embargo on Israel and increased tensions due to the bombing of a hospital in Gaza.

On Oct. 10, the oil companies implemented a price rollback of P3.05 per liter for gasoline, P2.45 per liter for diesel and P3 per liter for kerosene.

These price adjustments resulted in a year-to-date net increase of P12.25 per liter for gasoline, P11.35 per liter diesel and P5.94 per liter for kerosene. — Alena Mae S. Flores

Credit belongs to: www.manilastandard.net