According to Rodela Romero, Director III of the Department of Energy-Oil Industry Management Bureau, the following are the projected price increases:
Gasoline - P0.90 to P1.20 per liter
Diesel - P1.20 to P1.40 per liter
Kerosene - P1.10 to P1.30 per liter
Romero stated that the anticipated rise in the price of petroleum products is due to concerns over the escalating problems in the Middle East, particularly the war between Israel and Hamas, which could potentially extend to Iran.
Other factors contributing to the price increase of petroleum products include Ukraine's attacks on Russian oil refineries. Also included is the decision of the Organization of Petroleum Exporting Countries (OPEC) to continue reducing production, signalling the robust economic growth in the United States and India.
Last Tuesday, April 2, 2024, oil companies raised the price of gasoline by P0.45 per liter, while diesel prices were reduced by P0.60 per liter and kerosene by P 1.05 per liter.
(Photo by Dek Terante)
