• CHERYL G. CRUZ
Motorists will welcome April with more than a peso per liter increase in the pump prices of petroleum products.
Oil companies announced over the weekend that diesel could increase by P1.00 to P1.30 per liter, gasoline by P1.20 to P1.40/L, and kerosene by P1.00 to P1.20/L.
Exact adjustments will be known today, with the price movement taking effect on April 1.
This will be the second straight week of price hikes, after oil companies implemented a uniform increase, starting March 25, at P1.10/liter for gasoline, and P0.40/liter for diesel and kerosene.
The Department of Energy Oil Monitor showed that, since the start of this year, gasoline and diesel have total net increases of P3.25/liter each, while kerosene logged a net decrease of P0.30/liter.
“The week-on-week price of Dubai crude increased by $1.50 per barrel, while international prices of gasoline have also increased by about $1.90 per barrel, along with kerosene by about $0.70 per barrel and diesel by around $0.30 per barrel,” the DOE said.
It added that global economic challenges, slowing petrochemical demand recovery, and volatile crude prices will continue to pressure market prices in the coming weeks. | CGC
