• CHERYL G. CRUZ
The second consecutive week of oil price increases will take effect tomorrow, Jan. 16, with diesel seen to increase by P0.80 to P0.90 per liter, gasoline by P0.20 to P0.40/L, and kerosene by P0.60 to P0.90
Oil companies implemented a uniform increase of P0.10/L for diesel, gasoline, and kerosene Jan. 9, following a decrease of P0.35/L, P0.10/L, and P1.40/L, respectively, on the second day of this year.
Total adjustments in the prices of diesel and kerosene stood at a net decrease of P0.25/liter, and P1.30/liter, respectively, since the start of this year, the Department of Energy Oil Monitor showed.
The DOE also logged a net increase of P12.60/liter for gasoline, P5.65/liter for diesel, and P1.24/liter for kerosene for the whole of 2023.
The World Bank said in a recent Philippine News Agency report that global oil prices have remained volatile due to geopolitical conflict.
“The latest conflict in the Middle East has raised geopolitical risks for commodity markets, as the region accounts for one-third of the world’s seaborne oil trade. Although a receding scenario, an escalation of the conflict, depending on the duration and scale, could trigger sharp oil supply disruptions,” the World Bank said, adding that “the possibility of extension or increase of output cuts by Saudi Arabia and Russia will boost the upside risks to the global oil market”. | CGC
