GASOLINE prices are expected to rise, while a third straight decrease in oil prices is expected this week.
Gasoline prices will increase by P0.40 to P0.60 per liter. Meanwhile, diesel prices will decrease by P0.30 to P0.50 per liter, and kerosene prices will decrease by P0.20 to P0.40 per liter.
Department of Energy (DOE) – Oil Management Bureau director Rodela Romero earlier said added inventory in US crude and signs of a possible ceasefire in Gaza factored in the cut of diesel and kerosene prices.
Meanwhile, a potential extension of OPEC’s supply cut to the second quarter of 2024 plus Russia’s six-month gasoline export ban are factors in the increase of gasoline prices.
Last week, oil firms hiked prices per liter of gasoline by P0.70, diesel by P0.95, and kerosene by P1.10. (ABS-CBN News)
