Oil price hike: P2.90 for diesel, P0.70 for gasoline

MANILA — After a series of rollbacks implemented in the past couple of weeks, oil prices are going up today.

Oil companies said in separate advisories yesterday that they would increase diesel prices by P2.90 per liter, gasoline by P0.70 per liter and kerosene by P1.65 per liter.

The adjustments will take effect at 6 a.m. for most companies, except for Caltex, which implemented the adjustments at 12:01 a.m. and Cleanfuel, which will implement it at 4:01 p.m.

The price movements today snapped the eight consecutive weeks of rollbacks in diesel prices and four straight weeks of decline in gasoline prices.

Diesel prices were reduced last week by P3.40 per liter, gasoline by P1.70 per liter and kerosene by P4.40 per liter.

Based on data from the Department of Energy (DOE), these resulted in a year-to-date net increase of P13.25 per liter for gasoline, P24.60 per liter for diesel and P19.15 per liter for kerosene.

This week’s upward price movements reflect the movements in the international oil market.

The DOE-Oil Industry Management Bureau has attributed the higher prices to the impact of the recently released projections by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), which indicated rising oil demand for next year.

The IEA anticipates that oil demand would increase by 1.75 million barrels per day in 2023, whereas OPEC expects an increase of 2.55 million barrels per day.