- CHERYL G. CRUZ
More than a peso per liter increase in the prices of diesel and kerosene is likely, effective May 16, as oil companies announced the first hike for this month following three consecutive weeks of cutbacks.
Expect the price of diesel to increase by P1.30 to P1.50 per liter, kerosene by P1 to P1.35/L, and gasoline by P0.30 to P0.50/L. The exact adjustments will be known today, May 15, as any movement in pump prices regularly takes effect every Tuesday.
The expected increase reflects changes in the international market, oil companies said, as the Department of Energy noted a decrease in inventory due to an increase in demand.
“The downside risks of oil demand growth remain in international flight recovery, infrastructure expansion, real estate, trading activities, and manufacturing,” the DOE Oil Monitor showed, adding that “Platts Analytics anticipate China’s total oil demand to recover gradually from Q2 with annual demand expected to reach 15.8 million b/din 2023, or six percent higher than that in 2022”.
On May 9, oil companies implemented a per liter decrease of P2.70 for diesel, P2.20 for gasoline, and P2.55 for kerosene.
These resulted in a net decrease for diesel at P7.05/liter and kerosene at P7.50/liter, while gasoline logged a net increase of P3.85/liter, since the start of this year.
Meanwhile, the DOE Visayas Field Office said an LPG Regional Summit 2023 will be held in Iloilo City on May 24 to 25.
The summit aims to explain the implementation of Republic Act 11592, or the LPG Industry Regulation Act (LIRA), including the DOE Department Circular DC2022-110037 on the registration and issuance of license to operate for qualified LPG participants.
The circular, which took effect January this year, requires all LPG participants to apply for the issuance of a license to operate in the conduct of any activity in the LPG industry.
Preregistration is needed, and those interested may go to the official Facebook page of DOE-VFO for more details and registration requirements./CGC
More than a peso per liter increase in the prices of diesel and kerosene is likely, effective May 16, as oil companies announced the first hike for this month following three consecutive weeks of cutbacks.
Expect the price of diesel to increase by P1.30 to P1.50 per liter, kerosene by P1 to P1.35/L, and gasoline by P0.30 to P0.50/L. The exact adjustments will be known today, May 15, as any movement in pump prices regularly takes effect every Tuesday.
The expected increase reflects changes in the international market, oil companies said, as the Department of Energy noted a decrease in inventory due to an increase in demand.
“The downside risks of oil demand growth remain in international flight recovery, infrastructure expansion, real estate, trading activities, and manufacturing,” the DOE Oil Monitor showed, adding that “Platts Analytics anticipate China’s total oil demand to recover gradually from Q2 with annual demand expected to reach 15.8 million b/din 2023, or six percent higher than that in 2022”.
On May 9, oil companies implemented a per liter decrease of P2.70 for diesel, P2.20 for gasoline, and P2.55 for kerosene.
These resulted in a net decrease for diesel at P7.05/liter and kerosene at P7.50/liter, while gasoline logged a net increase of P3.85/liter, since the start of this year.
Meanwhile, the DOE Visayas Field Office said an LPG Regional Summit 2023 will be held in Iloilo City on May 24 to 25.
The summit aims to explain the implementation of Republic Act 11592, or the LPG Industry Regulation Act (LIRA), including the DOE Department Circular DC2022-110037 on the registration and issuance of license to operate for qualified LPG participants.
The circular, which took effect January this year, requires all LPG participants to apply for the issuance of a license to operate in the conduct of any activity in the LPG industry.
Preregistration is needed, and those interested may go to the official Facebook page of DOE-VFO for more details and registration requirements./CGC
