Petroleum prices forecast to increase by at least P3 next week

ABS-CBN News

Posted at Apr 23 2022 01:43 PM | Updated as of Apr 23 2022 05:37 PM

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

MANILA – Petroleum product prices are projected to increase by at least P3 in another rate hike. 

Gas prices: 

  • GASOLINE- P3.10-P3.50/L
  • DIESEL - P3.80-P4.10/L
  • KEROSENE - P3.40-P3.60/L

Diesel prices could go up by as much as P3.80 to P4.10 per liter. 

Meanwhile, gasoline could increase by P3.10 to P3.50 per liter, while kerosene may have a P3.40 to P3.60 increase. 

With the increase, diesel prices are pegged to be higher than gasoline, based on the net increase over the past year. 

Over the year, gas prices have soared mainly due to the conflict between Ukraine and Russia. 

In a televised briefing, the Department of Energy (DOE) said the market feared looming supply chain disruptions if the European Union (EU) will cut its reliance on Russian petroleum this year amid the ongoing war.

If this happens, Abad said the Organization of the Petroleum Exporting Countries (OPEC) estimated that around 5 million oil barrels can be lost daily, which they said would be hard to fill in.

"Iyong kasunod po na announcement na medyo nagkaroon ng kaba sa market, na magkakaroon na naman ng problema sa supply ng oil ay iyong plano na pinag-uusapan ngayon sa EU na posible nang i-ban iyong Russian export ng oil and gas dahil ito daw ang pinanggagalingan ng pera na siya namang ginagastos doon sa military action," said Rino Abad, director of DOE's Oil Industry Management Bureau 

"Medyo volatile talaga ang ating sitwasyon sa supply side na siya namang nagpapa-increase noong price," he added.

Meanwhile, authorities have yet to continue the fuel subsidy program for delivery riders as poll and transport authorities remain in a deadlock over an "unsigned" resolution supposedly holding back the distribution. 

– Report by Alvin Elchico, ABS-CBN News

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