Another oil price increase is set next week following the hike last Tuesday and the seven weeks of diesel price rollback and six week price reduction for gasoline.
Based on the projected adjustment, diesel prices may go up by P5.40-P5.70 and P1.30-P1.60 for gasoline.
The Department of Energy (DOE) explained that the demand spiked in the world market as countries enter the colder season and harvest season.
“May mga bansa na harvest season. Ganun din po ginagamit petroleum products dahilan para tumaas ang demand sa petroleum products kaya nagkaroon na ng mahalan na pagbili,” DOE-Oil Industry Management Bureau Assistant Director Rodela Romero said.
Oil players are awaiting the possible return of Iran in the oil market upon the success of the nuclear deal with Western countries.
The DOE said this will improve oil production amid higher global demand.
“Pero sa ngayon nasa discussion pa rin iyon. Puro speculation po. Hopefully kung maayos ang issue ng deal ng Iran at sanctions sa Venezuela makakadagdag ng suplay ng petroleum products,” Romero said. – Report from Naomi Tiburcio-ag
