Fuel Prices Set to Increase in the coming week: Public are advised to prepare
June 14, 2024
Admin
"Be ready for a sharp increase in domestic pump prices for petrol by Tuesday next week, as we've observed significant activity in the global oil market over the past four days," cautioned Romero.
Director Romero highlighted several factors driving adjustments in pump prices, including optimistic global demand forecasts from both the EIA and OPEC, alongside an expected drop in US crude inventories.
Looking ahead to next week, motorists should prepare for potential increases in pump prices, with estimates indicating the following adjustments per liter:
- Gasoline: Expected to rise between P0.60 to P0.85
- Diesel: Anticipated increase of P1.45 to P1.70
- Kerosene: Estimated to climb from P1.85 to P1.90
Typically, fuel firms announce price adjustments every Monday, with changes taking effect the following day. The timing of US Federal Reserve adjustments decreased Saudi exports to China, and potential purchases of US reserves further contributed to the fluctuations in oil prices.
In a recent development, effective Tuesday, June 11, oil companies implemented reductions in prices per liter:
Gasoline decreased by P0.60,
Diesel by P1.20,
Kerosene by P1.30.
These adjustments contributed to year-to-date net increases of P6.05 per liter for gasoline and P4.25 per liter for diesel. Conversely, kerosene saw a year-to-date net decrease of P1.55 per liter.
This impending price hike serves as a stark reminder of the global economy's influence on everyday consumer expenses. As motorists brace themselves for higher costs at the pump, vigilance is key. Keep a keen eye out for updates as these market fluctuations reshape commuting budgets in the days ahead.
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