Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero stated that oil companies issued separate advisories about another round of price hikes on petroleum products on Tuesday (Oct. 1). Oil companies usually announce price adjustments every Monday, effective the following day.
"Domestic pump prices are expected to increase next week," Romero said, citing estimates based on international trading in the past week.
The estimated pump price adjustments are as follows:
- **Gasoline**: P0.30 to P0.60 per liter
- **Diesel**: P0.65 to P0.90 per liter
- **Kerosene**: P0.40 to P0.50 per liter
According to Romero, the escalating violence in the Middle East between Israel, Hezbollah in Lebanon, Hamas in Gaza, and Houthi in Yemen is creating uncertainty in the supply chain.
The latest economic stimulus from China, offsetting weak demand growth from Europe, and the US crude inventory draw—which indicates tightening global supply—are also influencing the price movements in the petroleum space.
On Sept. 24, oil companies increased gasoline and diesel prices by P1.20 and P0.20 per liter, respectively. No movement was implemented on the per-liter price of kerosene.
The latest price movements bring the year-to-date total adjustment of gasoline and diesel to a net increase of P5.85 per liter and P1.95 per liter, respectively. Kerosene prices, on the other hand, stand at a year-to-date net decrease of P6.35 per liter.
In Metro Manila, the prevailing retail prices of gasoline range from P50.30 to P71.45 per liter, diesel ranges from P45.44 to P60.20 per liter, and kerosene from P66.25 to P77.65 per liter, according to the latest data from the DOE's price monitoring.
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