ANOTHER round of increase in the pump prices of petroleum products is expected this week, local oil industry sources said.
Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said “there will be an increase in the prices of gasoline and diesel” based on the four-day Mean of Platts Singapore (MOPS) trading of fuel products, while kerosene has a minimal rollback.
Likewise, an oil industry source, citing MOPS trading from May 15 to 18, said the there is an expected P0.10 to P0.40 per liter hike on both diesel and gasoline.
Romero said the following developments contributed to the anticipated increase in fuel products:
* Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan
* US plans to purchase oil for its strategic petroleum reserve and the raging wildfires in Canada that fuelled supply worries
* US starts refilling the SPR (Strategic Petroleum Reserve) and the International Energy Agency’s (IEA) more upbeat demand forecast
* In the May Oil Market Report, the IEA raised its forecast for world oil demand growth in 2023 to 2.2 million barrels per day, with China’s rebound even stronger than previously expected
Oil companies usually announce price adjustments every Monday, to be implemented the following day. (GMA Integrated News)
