• CHERYL G. CRUZ
The month of January will end with another oil price hike, effective tomorrow, with gasoline set to increase by P2.30 to P2.50 per liter, diesel by P1 to P1.20/L, and kerosene by P0.40 to P0.70/L.
Exact adjustments will be known today, Jan. 29, oil companies announced over the weekend.
This will be the fourth straight week of increases, following a P0.95/liter adjustment in diesel, and P1.30/L for gasoline starting Jan. 23. There was no movement effected on kerosene.
The Department of Energy said MOPS gasoline, diesel, and kerosene have increased by about $2.50, $1.40 and $0.05 per barrel, respectively. “Crude prices rose on escalating tensions in the Red Sea, reports of increased Chinese crude import in December, and the fall in US crude inventory”.
More large shipping companies are also opting for lengthier routes to avoid the Red Sea, which could lead to higher freight rates and insurance, the DOE Oil Monitor showed, adding that “higher shipping costs could lead to brief tightness in refined products and crude, though oil production has not been impacted”.
Diesel and gasoline both logged a net increase of P1.60/liter since the start of this year, while kerosene has a net decrease of P0.40/liter, the DOE added. | CGC
