Possible fuel price hike next week — DOE

Metro Manila, Philippines — Fuel prices may likely increase next week after successive cuts over a number of market-moving events, the Department of Energy (DOE) said on Friday, Nov. 8.

The agency said international trade of the commodity in the past four days may result in a price increase of more than P1 per liter on all products.

In its forecast, the DOE said diesel prices may rise by P1.70 to P1.90, gasoline by P1.10 to P1.40, and kerosene by P1.10 to P1.20.

Oil companies carried out mixed price movements this week: lower for gasoline and an increase for diesel and kerosene.

The DOE said world oil trading has factored in the impact of a storm that is expected to cut US output in the Gulf of Mexico, the move of OPEC+ members to delay plans to raise output in December, and the US Federal Reserve plan to cut interest rates again.

“Other contributing factors in the estimated increase for oil prices by next week are the depreciation of peso, the premium added to the purchase of the petroleum products and the freight cost,” the agency said.

The DOE said a price freeze for liquefied petroleum and kerosene is in effect in areas under a state of calamity for 15 days upon its declaration.

Year-to-date gasoline and diesel prices posted a net increase of P8.75 and P6.55 per liter, respectively, while kerosene prices had a net decline of P3.10 per liter.