February 17, 2019 at 12:50 am
Alena Mae S. Flores
Consumers have to brace for another oil price increase this week of as much as P0.60 per liter, the second consecutive weekly oil price increase to reflect the movement of world oil prices.
“Expect fuel prices to go up next week. Diesel should go up by P0.50 to P0.60 and Gasoline should go up by P0.40 to P0.50 per liter. Load up accordingly,” Unioil Philippines said in its weekly advisory.
READ: Unioil sets pump price hike at P0.90 per liter
On February 12, the oil firms raised pump prices by P0.90 per liter for gasoline, P0.85 per liter for kerosene and P0.55 per liter for diesel.
Last February 4 and 5, the oil companies cut pump prices by P0.60 per liter for gasoline, P0.35 per liter for diesel and P0.20 per liter for kerosene.
Latest monitoring from the Department of Energy showed that year-to-date adjustments stand at a net increase of P1.50 per liter for gasoline, P1.55 per liter for kerosene and P2.45 per liter for diesel.
READ: Oil price spurt sparks fears of inflation, call for pay hike
According to DOE, oil prices went up last week after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, seen to reduce crude its exports.
The US banned both Venezuelan crude exports to the US and US exports to Venezuela through the sanctions.
Meanwhile, DOE monitored that French bank BNP Paribas expect the oil price to rise in the first-half on tightening supply conditions and anticipates to decline in the second-half on weakening economic activity and an increase in U.S. crude exports to international markets.
World oil prices was also affected by the shutdown of oil refineries.
China’s state-owned Sinopec will be shutting its 160,000 b/d Luoyang refinery, in northern Henan province from April 20 for a 55-day maintenance.
READ: Oil price hike set at P4.50