Latest news with #DepartmentofEnergy-OilIndustryManagementBureau
GMA Network
2 days ago
- Business
- GMA Network
Over P1 per liter fuel price hike seen next week
Motorists should brace for an over P1 per liter increase in pump prices to be implemented in the coming week. 'Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be experiencing an increase in the prices of petroleum products by next week, June 17, 2025,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said. The estimated ranges in upward price adjustments are as follows: Gasoline - P0.90 to P1.40 per liter Diesel - P1.00 to P1.40 per liter Kerosene - P1.00 to P1.20 per liter The Energy official cited the following 'relevant news' in the oil market as factors affecting prices: Crude prices extend gains on positive US - China trade signals US - Iran nuclear negotiations remain stalled Oil demand growth to continue until the next 2 1/2 decades, says OPEC Secretary General Fuel firms announce official price movements every Monday, to be implemented on the following day. On Tuesday, petroleum retailers hiked the prices per liter of gasoline by P0.60, diesel by P0.95, and kerosene by P0.30.—AOL, GMA Integrated News
GMA Network
06-06-2025
- Business
- GMA Network
Fuel price hike looms next week
Motorists should brace for another round of increase in fuel prices to be implemented by petroleum retailers in the coming week. 'As a result of our monitoring on the four-day trading in MOPS (Mean of Platts Singapore) and relevant news in the international oil market, we will be expecting an increase in the domestic pump prices by next,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said. The estimated range in upward adjustments are as follows: Gasoline - P0.15 to P0.60 per liter - P0.15 to P0.60 per liter Diesel - P0.50 to P0.90 per liter - P0.50 to P0.90 per liter Kerosene - P0.25 to P0.40 per liter The Energy official cited following relevant global developments which contributed to the anticipated hike in fuel prices: Persistent geopolitical tensions such as the conflict between Russia and Ukraine; and US and Iran Nuclear Deal Supply concern with production in Canada disrupted by the wildfires US crude oil inventories experienced a larger-than-anticipated drawdown Oil companies usually announce price adjustments every Monday, to be implemented on the following day. Effective Tuesday, fuel firms hiked the prices per liter of gasoline by P0.40 and diesel by P0.30, while lowering those of kerosene by P0.10. —VAL, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Mixed movement in fuel prices seen in last week of May
Motorists should expect mixed movements in pump prices to be implemented by fuel retailers in the last week of May. 'Based on the four-day trading in MOPS (Mean of Platts Singapore) and results of relevant news in the international oil market, we will be expecting a mixed movement in the prices of petroleum products by next week,' said Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero. The estimated adjustments are as follows: Gasoline - rollback of P0.15 per liter to increase of P0.30 per liter Diesel - no adjustment to rollback of P0.40 per liter Kerosene - rollback of P0.20 to P0.40 per liter The Energy official cited following international oil market news which contributed to the estimated mixed price adjustments, namely: For rollback Reports of progress toward US-Iran nuclear deal; Cooling global US-China trade tensions; Additional crude oil storage capacity from Iran's Export Terminal; For increase OPEC remains optimistic about global oil demand growth despite economic risks Fuel firms announce price adjustments every Monday, to be effective on the following day. On Tuesday, oil firms announced a big-time hike in pump prices, increasing the prices per liter of diesel by P1.70 and prices of gasoline and kerosene by P1.20 per liter. —AOL, GMA Integrated News
