Latest news with #DepartmentofEnergy-OilIndustryManagementBureau
GMA Network
04-08-2025
- Business
- GMA Network
Big-time pump price hike set Tuesday, August 5, 2025
Over P1 per liter price hike in gasoline, diesel, and kerosene will take effect on Aug. 5, 2025. TINA PANGANIBAN-PEREZ/File photo Motorists will have to pay more for petroleum products this week, as retailers on Monday announced another round of hikes to mark the fourth straight week of increases for both diesel and kerosene. In separate advisories, Shell Pilipinas Corp. said they will hike prices per liter of gasoline by P1.90, diesel by P1.20, and kerosene by P1.00. The adjustments will take effect at 6 a.m. on Tuesday, August 5, 2025. Other firms have yet to make similar announcements for the week. The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) earlier projected hikes this week, citing renewed concerns over supply disruptions following US President Donald Trump's sanction on Russia and Iranian oil, and homes of improved economic activity after the US-EU trade deal. Firms last week rolled back prices per liter of gasoline by P0.10, while hiking those of diesel by P0.15, and kerosene by P0.20. —KG, GMA Integrated News
GMA Network
01-08-2025
- Business
- GMA Network
Over P1 per liter hike in gasoline, diesel looms next week
Motorists should brace for another round of increase in pump prices to be implemented by fuel retailers next week. 'Based on the four-day trading, we are expecting an increase in the prices of petroleum products by next week,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said Friday. The estimated upward adjustments are as follows: Gasoline - increase of more or less P1.50 per liter Diesel - increase of more or less P1.00 per liter Kerosene - increase of more or less P0.80 per liter The Energy official attributed the anticipated fuel price hike to the relevant news in the oil market this week, namely: Renewed concerns over supply disruptions following US President Donald Trump's sanction on Russia and Iranian oil. Hopes of improved economic activity after the US - EU trade deal. Fuel retailers announce official price adjustments every Monday, to be implemented on the following day. Effective Tuesday, July 29, oil companies slashed the per-liter price of gasoline by P0.10 and hiked the prices of diesel and kerosene by P0.60 per liter and P0.40 per liter, respectively. —VAL, GMA Integrated News
GMA Network
25-06-2025
- Business
- GMA Network
Fuel price rollback 'possible' next week
Motorists could expect a sigh of relief next week after a series of a two-tranche big-time hike in petroleum prices implemented by fuel retailers for this week. 'For two days, based on MOPS (Mean of Platts Singapore)… may chance mag roll back (there's a chance of a rollback),' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online. Romero, however, said that it is still 'too early' to be certain that a fuel price reduction could be expected in the coming week. In its projection, based on MOPS trading in the first two days of the week, Jetti Petroleum said the price movement indication for next week are as follows: Diesel — Rollback of P0.80 to P1.10 per liter Gasoline — Hike of P0.10 per liter to a rollback of P0.20 per liter 'Above are still subject to change, depending on the MOPS of the remaining days of the week,' Jetti said. MOPS is the basis for pricing of refined petroleum products in Southeast Asia. The local oil industry uses MOPS —the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor's Platts. The petroleum retailer attributed the expected pump price reduction next week 'with the easing of war risk premium on crude oil following the de-escalation of the conflict…[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.' DOE officer-in-charge Sharon Garin earlier said the as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after US President Donald Trump announced that a ceasefire between Israel and Iran was already in place. For this week, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches. Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025. The same price hikes will be implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments. — RSJ, GMA Integrated News
GMA Network
17-06-2025
- Business
- GMA Network
Marcos to DOE: Closely monitor Middle East tension as fuel prices expected to hike
President Ferdinand ''Bongbong'' Marcos Jr. has tasked the Department of Energy (DOE) to strictly monitor the tension in the Middle East as this is expected to affect fuel prices. ''I-monitor pong mabuti kung anong sitwasyon para po makapagbigay ng agaran ding solusyon at kahit papaano po ayuda kung talaga pong sobrang tataas ang presyo ng krudo,'' Palace Press Officer Undersecretary Atty. Claire Castro said in a Tuesday briefing when asked about the President's directive to the DOE. (Closely monitor the situation so that they can provide immediate solution and to provide aid if the prices of oil will really increase.) Castro also mentioned that DOE officer-in-charge Sharon Garin had told her that the agency is monitoring the situation there. The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) earlier projected pump price hikes this week, citing gains on positive US-China trade signals, the stall in nuclear negotiations between US and Iran, and the expected oil demand growth in the next two and a half decades. Motorists will have to pay more for petroleum products this week, as retailers on Monday announced major upward adjustments to mark the fifth straight week of increases for gasoline, third for diesel, and second for kerosene. — RSJ, GMA Integrated News
GMA Network
13-06-2025
- 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
