Geline Salac

Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News

Article (news)

Oil prices to soar after twin price cuts

David Dizon

ABS-CBN News

<p>Oil prices are set to go up on the third week of May after twin price cuts in the last 2 weeks, the Department of Energy said Friday.</p><p>Rodela Romero, DOE Oil Industry Management Bureau Director III, announced the following price increases next week based on four-day trading at Mean of Platts Singapore:</p><div><strong>Increase<br/></strong></div><div><strong>Gasoline - P0.95-P1.40/liter</strong></div><div><strong>Diesel  P1.50-P2.00/liter</strong></div><div><strong>Kerosene - P1.30-P1.40/liter</strong></div><p>Romero said the US-China agreement to slash sky-high tariffs for 90 days is expected to increase demand.</p><p>US sanctions on nearly dozen companies involved in the Iran oil trade plus OPEC’s trimmed forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group also affected prices. </p>

<p>Oil prices are set to go up on the third week of May after twin price cuts in the last 2 weeks, the Department of Energy said Friday.</p>

Oil prices are set to go up on the third week of May after twin price cuts in the last 2 weeks, the Department of Energy said Friday.