Manila, Philippines – Petroleum product prices are expected to increase again next week.
Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that, based on oil trading in the past four days, the price of gasoline may rise from P0.45 to P0.65 per liter
Diesel prices may increase from P0.35 to P0.55 per liter.
Kerosene prices may rise from P0.45 to P0.60 per liter.
Romero attributed the expected increase in oil prices to OPEC+ production cuts.
“The estimated increases in the prices of petroleum products for next week are attributed to the OPEC+ production cut where analysts are awaiting the June 1 meeting that will focus on their output policy; a stronger dollar that makes crude oil more expensive for non-dollar economies and the rebound in demand from China,”.
Last week, oil companies implemented mixed adjustments: they reduced the price of gasoline but increased the prices of diesel and kerosene.