Oil price hike expected next week — DOE

MANILA, Philippines —  Motorists could expect a price hike on petroleum products next week, the Department of Energy (DOE) said on Friday.

The DOE said that all oil prices are expected to increase due to the depletion of crude oil stockpiles in the United States, and the conflict due to the Israel-Hamas war.

“Kung based sa projection ng supply and demand, hanggang sa end of the year, may deficit pa na halos 1 million barrels per day so ibig sabihin may tightness of supply tapos may ganyan pang kaguluhan. So yan yung talagang magpapataas ng presyo,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said in a press briefing.

(If based on the supply and demand projection, there will still be a deficit of almost 1 million barrels per day until the end of the year. This means that there will be a tight supply, and with such turmoil, this will indeed push up prices.)

However, she clarified that the conflict in Israel is not the direct reason for the looming oil price hike.

Romero said that based on the four-day trading prices, these are the oil price adjustments next week:

• Gasoline - P0.50 to P0.65 increase per liter
• Diesel - P1.15 to P1.35 increase per liter
• Kerosene - P1.20 to P1.50 increase per liter 

The price hike will end the three-week price rollback for diesel, and will mark the second consecutive week gasoline price increase. 

Final price adjustments will be announced by oil companies on Monday.