Following a dip on the last day of 2024, oil prices are projected to increase next week, according to a Friday announcement by the Department of Energy (DOE). The DOE anticipates the following potential price hikes at the pump:
– Gasoline: ₱0.40/L to ₱0.70/L
– Diesel: ₱0.75/L to ₱1.00/L
– Kerosene: ₱0.70/L to ₱0.80/L
This forecast is attributed to OPEC’s decision to extend production cuts until April 2025. The DOE also cites increased demand for heating fuel due to colder weather in the US and Europe, impacting global supply. Furthermore, the agency acknowledges that ongoing geopolitical instability could contribute to short-term price fluctuations.
