Oil price hike seen at P0.70/liter

posted April 19, 2021 at 12:40 am  by  Alena Mae S. Flores

https://manilastandard.net/mobile/article/352200

Consumers can expect higher pump prices this week of as much as P0.70 per liter to reflect the movement of prices in the world market.

“Expect fuel prices to go up next week (April 20-26, 2021). Diesel will increase by P0.60 to P0.70 per liter. Gasoline will increase by P0.40 to P0.50 per liter. Load up accordingly,” Unioil Philippines said in its weekly price forecast.

On April 13, the oil companies implemented a price cut in domestic oil products.

The oil firms cut the price of gasoline by P0.25 per liter along with the rollback in kerosene by P0.10 per liter, but there was no movement on the price of diesel.

These resulted in the year-to-date adjustments to stand at a total net increase of P6.55 per liter of gasoline and P3.45 per liter of kerosene.

Diesel remains at a net increase of P4.65 per liter, according to the Department of Energy.

Meanwhile, CNBC reported last week that oil demand was on the upswing.

It said both the US International Energy Agency and the Organization of Petroleum Exporting Countries forecast demand would go up this year as vaccinations continued to move forward.

CNBC cited the report of IEA that oil producers may have to increase supply by two million barrels per day while OPEC also forecast higher demand of up to 5.95 million barrels per day.