The Philippine Department of Energy forecasts an increase in prices for petroleum products starting next week, citing geopolitical tensions as a key factor.
The Philippine Department of Energy (DOE) announced on Friday that prices of petroleum products are expected to increase in the upcoming week. Based on four days of Mean of Platts Singapore (MOPS) trading, the estimated price adjustments per liter are as follows: gasoline is expected to rise by approximately PHP 0.95, diesel by PHP 0.10, and kerosene by PHP 0.25.
DOE-Oil Industry Management Bureau (OIMB) Assistant Director Rodela Romero explained that the final price adjustments will be determined after the MOPS trading on Friday, which will also consider operational costs of oil companies and other premiums.
The anticipated price hike is linked to ongoing geopolitical tensions in Iran. The risk of supply disruptions through the Strait of Hormuz and uncertainties surrounding Iran’s nuclear issues have contributed to an increased risk premium. Reports also indicate that the United States might block ships or tankers carrying crude oil from Iran, further exacerbating supply fears.
“Together, these factors created a week of cautious but slightly rising crude prices,” Romero noted.
Oil companies typically announce official price changes every Monday, with new prices implemented on the following Tuesday.
This price increase could impact Filipino overseas workers and local consumers due to increased fuel costs affecting transportation and goods prices.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/976460/presyo-ng-mga-produktong-petrolyo-inaasahang-tataas-sa-susunod-na-linggo/story/
