• CHERYL G. CRUZ
Expect a mixed movement in the prices of petroleum products effective April 2.
Oil companies announced over the weekend a rollback in the prices of diesel by P0.40 to P0.60 per liter, and kerosene by P1 to P1.20/L, while gasoline will increase by P0.40 to P0.60 per liter.
The exact price adjustments will be known today, April 1.
This is the third straight week of price increases for gasoline, the biggest of which was last week at P2.20 per liter.
Effective March 26, diesel and kerosene also rose by P1.40 and P1.30, per liter, respectively.
“The week-on-week price of Dubai crude increased by around $2.70 per barrel while the international price of gasoline, diesel, and kerosene have also increased by about $4.90, $2.30, and $2.40 per barrel, respectively,” the Department of Energy Oil Monitor showed.
Concerns over geopolitical risk continue to add premium as three major refineries and several fuel depots in the Russian territory have been damaged by drones, taking more than 600,000 b/d of processing capacity offline in less than a week, the DOE said.
It added that Iraq’s announcement to trim crude exports to 3.3 million b/d through the end of June, as well as a fall in Saudi Arabia’s January exports further propelled prices.
Since the start of this year, gasoline, diesel, and kerosene logged a per liter net increase of P7.75, P5.10, and P1.05, respectively. | CGC
