Latest news with #RodelaRomero
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
19-06-2025
- Automotive
- GMA Network
Big-time fuel hike expected next week: P3 gasoline, P4.80 diesel
Motorists should brace for a big-time hike in pump prices next amid the Israel-Iran conflict, which is expected to have a major impact on the oil industry. The estimated ranges in upward price adjustments are as follows: Gasoline - increase of 2.50 to 3.00 Diesel - increase of 4.30 to 4.80 Kero - increase of 4.25 to 4.40 The estimates are from the Department Energy of Energy-Oil Industry Management Bureau, Assistant Director Rodela Romero, which is based on the 4-day trading in MOPS (Mean of Platts Singapore). Rodero said that the biggest factor for the possible increase is a "major oil price shock looming as the Israel-Iran conflict threatens critical global shipping passage." President Ferdinand ''Bongbong'' Marcos Jr. earlier this week said that fuel subsidies would be given amid the expected oil price hike. 'We are starting already with the assumption that the oil prices will in fact go up and I cannot see how it will not. Because the Strait of Hormuz will then be blocked if it escalates. The oil cannot come out of its sources. So the prices will certainly be affected,'' Marcos said. ''So the subsidies that we have always given, fuel subsidies, that we gave to, if you remember during the pandemic, lalong-lalong na 'yung mga napapasada, 'yung mga may hanap-buhay naman sila, binigyan nating fuel subsidies (We gave fuel subsidies to drivers during the pandemic)," he added. Fuel firms announce official price movements every Monday, to be implemented on the following day. —VAL, 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
GMA Network
11-06-2025
- Business
- GMA Network
Oil prices likely to increase on June 17, says DOE
Consumers should brace for another round of oil price hikes next week, with the Department of Energy (DOE) projecting an increase in the cost of fuel products based on early trading data. In an interview, DOE Oil Industry Management Bureau Assistant Director Rodela Romero explained that global market trends point to an upward adjustment that would take effect on Tuesday, June 17. 'Sa ngayon po, nakikitang pataas ang direksyon ng presyo. Kung pagbabasehan ang first two days ng trading, posibleng tumaas ng less than P1 per liter,' Romero said in Bagong Pilipinas Ngayon, referring to the early week trading data from Mean of Platts Singapore, which serves as the pricing benchmark for the Asian region. (As of now, the price trend appears to be going up. Based on the first two days of trading, there might be an increase of less than P1 per liter.) The Energy official emphasized that the final price movement will still depend on the remaining days of trading: 'Yung magiging final adjustment kapag natapos ang hanggang Friday na trading... average ng price for the week ang binabase at ikinukumpara sa previous week.' (The final adjustment will be determined after trading ends on Friday… the average price for the week is based and compared with the previous week.) Global developments Romero identified several global developments contributing to the anticipated price hike, including ongoing geopolitical tensions and market volatility. 'Ang adjustment ng increase ay attributed po una sa geopolitical factors—yung escalating conflict ng Russia at Ukraine at nuclear deal between US at Iran,' she said. (The increase in prices is primarily due to geopolitical factors—such as the escalating conflict between Russia and Ukraine, and the nuclear deal between the US and Iran.) Other possible factors include U.S. trade policies and declining commercial inventories. 'May trade talks ang US at China na inaasahang magtataas ng demand, at malaking pagbaba rin ng imbentaryo ng US ang isa sa mga dahilan,' she noted. (There are trade talks between the US and China that are expected to boost demand, and the significant drop in U.S. commercial inventory are also reasons.) Romero also explained that the peso-dollar exchange rate plays a key role in oil prices. DOE measures With rising prices a continuing concern, Romero reassured the public that the DOE has measures in place to protect consumers. 'Regular po ang compliance check namin sa standards on quantity at quality. Kapag bumili ka ng isang litro, isang litro talaga ang makukuha mo,' she said. (We regularly conduct compliance checks on standards for quantity and quality. If you buy a liter, you should really get one liter.) She also encouraged consumers to exercise the power of choice and compare prices among gas stations. 'Gamitin po nila ang power of choice—piliin ang gasolinahan mas mura ang bentahan. May mga lugar na may price war,' she added. (Consumers should use their power of choice—choose gas stations that have cheaper prices. There are areas where there are price wars.) Romero highlighted that oil companies sometimes offer discounts or promotions as part of their corporate social responsibility. When asked if there are reports of abuse in pricing, Romero assured that the DOE is actively monitoring the situation. 'Nandito naman ang DOE. Meron tayong DOE-DOJ task force para masigurong walang abusong nangyayari despite the deregulated environment,' she said. (The DOE is here. We have a DOE-Department of Justice task force to make sure there is no abuse happening despite the deregulated environment.) If there are possible unfair trade practices, she advised the public to report such abuses to the Philippine Competition Commission. Romero added that price mitigation programs are in place, in coordination with other government agencies like the Department of Agriculture and the Department of Transportation. These programs include subsidies for farmers, fisherfolk, and public transport drivers. 'Kami po ang nag-iisyu ng trigger certification kapag lumagpas sa $80 per barrel ang presyo ng crude (oil), para ma-activate ang mga mitigation efforts,' she explained. (We issue the trigger certification when crude prices go beyond $80 per barrel, to activate these mitigation efforts.) The DOE said it will continue to inspect oil facilities—from bulk terminals to retail stations—to ensure compliance with quality and quantity standards. —RF, GMA Integrated News
