Fuel prices up next week; LPG to decrease

MANILA, Philippines — Higher pump prices are expected to greet motorists during the first week of 2023, while prices of cooking gas could see a decrease.

“Unfortunately, we will see an increase next week for all petroleum products,” Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad said in an interview with dzBB yesterday.

Based on the first four trading days of the week, Abad said there could be a more or less P2 per liter jump in gasoline and diesel prices, while that of kerosene could see a more than P2 per liter hike.

Abad said the supply and demand balance in the international oil market remains very tight, causing prices to go up.

Meanwhile, an oil industry source estimates a more than P2 per liter increase in gasoline and diesel prices for next week and around P3 per liter for kerosene.

The price adjustments will be announced by oil companies on Monday, which will take effect the next day.

Last Tuesday, a mixed movement in fuel prices was implemented by oil firms, with gasoline and kerosene prices increasing by P0.95 per liter and P0.50 per liter, respectively, while the price of diesel was reduced by P0.20 per liter.

These resulted in year-to-date net increase of P14.90 per liter for gasoline, P27.30 per liter for diesel and P21.30 per liter for kerosene, data from the DOE showed.

Meanwhile, Abad said liquefied petroleum gas (LPG) prices could go down by over P4 per kilogram for January.

This would end two straight months of price hikes in LPG.

Petron’s LPG prices went up by P2.25 per kilogram this December, while Solane-branded LPG raised prices by P2.27 per kilogram.

Retailers of LPG usually announce their price adjustments at the end of the month.