LOCAL pump prices will go up this Holy Week, oil companies announced Monday.
Effective Tuesday morning, gasoline prices will go up by P2.20 per liter, diesel by P1.40 per liter, and kerosene by P1.30 per liter.
Rodela I. Romero, director of the Oil Management Bureau of the Department of Energy Director, said this week’s price adjustment was attributed to international events. These include the attack of Ukraine to the major refineries and depots of Russia and the escalating tensions in the Red Sea, decrease in US crude and gasoline inventory, reduced OPEC exports, and supply and demand outlook issued by International Energy Agency and Energy Information Administration.
“These contributed to the increase of prices tomorrow,” Romero said on Monday afternoon.
Last March 19, oil companies implemented a per liter decrease of P0.10 for diesel. On the opposite, gasoline increased by P0.10/liter. There was no movement on the price of kerosene.
Excluding this week’s price hike, the year-to-date adjustment of diesel stands at a net increase of P3.70/liter and gasoline at P5.55/liter. On the other hand, kerosene has a net decrease of P0.25/liter in the same comparative period.
Oil firms adjust their prices every week to reflect movements in the world oil market.
The volatility of the oil markets is one of the reasons that put pressure on household finances, according to Socioeconomic Planning Secretary Arsenio M. Balisacan. It is also being blamed, alongside rising transportation costs and electricity rates for inflation. (See https://businessmirror.com.ph/2024/03/06/dof-prepares-vs-dry-spells-inflation-jolt/)
The inflation rate in February 2024 saw a slight uptick of 0.6 percent from the previous month but was still within the central bank’s forecast of 2.8 percent to 3.6 percent.
Food and non-alcoholic beverages inflation rose to 4.6 percent in February from 3.5 percent in January due to rice as well as flour, bread, and other bakery products while prices of vegetables decelerated in February.
Higher commodity prices were also driven by housing, water, electricity, gas and other fuels with an increase of 0.9 percent during the month compared to the 0.7 percent posted in January 2024.
Image credits: Nonie Reyes/BusinessMirror