Motorists will welcome October with higher fuel expenses as oil prices increase by as much as 90 centavos during the first week of the said month, marking the second consecutive week of increases.
For the period October 1 to 7, 2024, gasoline prices will rise by P0.45 per liter, a smaller increase than the previous P1.10/L hike. Meanwhile, diesel prices will go up by P0.90 per liter, a significant jump from last week’s P0.20/L increase. Kerosene prices will likewise increase by P0.30 per liter.
The recent price adjustments align with forecasts from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), which pointed to supply uncertainty caused by rising tensions in the Middle East, China’s latest economic stimulus, and the drawdown of US crude inventories.
“US crude inventory draw is a bullish signal indicating tightening global supplies,” DOE-OIMB Director Rodela Romero said in an earlier statement.
Last week, companies raised gasoline prices by P1.10 per liter and diesel by P0.20 per liter, while kerosene prices remained unchanged.
After these adjustments, gasoline prices will have risen by P6.30 per liter and diesel by P2.85 per liter since the start of 2024. In contrast, kerosene prices will have seen a net decrease of P6.35 per liter over the same period.
The latest data from the DOE’s price monitoring showed that the gasoline prices in Metro Manila currently range from P50.30 to P71.45 per liter. Diesel prices range from P45.44 to P60.20 per liter, while kerosene is priced between P66.25 and P77.65 per liter. (TCSP)
