Motorists should expect an oil price hike next week, industry sources told CurrentPh on Friday.
As of the four trading days, the price for diesel is expected to go up between P0.70 to P1 per liter.
For gasolines, it is expected to increase between P0.60 – P0.90 per liter.
The industry source said that this is based on the past four trading days.
According to the Department of Energy, aside from the plan of Russia to reduce their oil production, there is also the announcement of the international energy agency of a possible 2 million barrels of sudden increase in demand.
Another reason is the continued opening up of China due to their economy being revived and the increased demand.
“There will be an increase in the prices of petroleum products on Tuesday, Feb. 21 primarily due to the plan of Russia to cut their crude production and the IEA announcement that the World Oil Demand is predicted to rise by 2 million barrels per day in 2023. One contributory factor is the increase in demand of China as a result of the lifting of their Zero Covid policy, Rodela Romero, Assistant Director for the Oil Management Bureau said.
CurrentPH News Service
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