By Kris Crismundo

PRICE HIKE. Motorists are advised to gas up before Tuesday (March 26, 2024) as they prepare for their Holy Week trips. A big-time oil price hike of as much as PHP2.20 per liter for gasoline is expected. (File photo)

MANILA – Those who will be traveling during the Holy Week are advised to gas up as a hefty oil price increase will be effective Tuesday.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell announced that they will hike gasoline prices by PHP2.20 per liter and diesel by PHP1.40.

Caltex, Seaoil, and Shell will also adjust kerosene prices upward by PHP1.30 per liter.

Other oil firms are expected to follow suit.

With the price adjustments last week, data from the Department of Energy (DOE) showed that on a year-to-date basis, gasoline prices had a net increase of PHP5.55 per liter and PHP3.70 per liter for diesel, while kerosene prices had a net decrement of PHP0.25 per liter.

World oil prices increased after the United States’ Energy Information Agency (EIA) hiked its global oil price projection following the extension of the output cut of the OPEC+ (Organization of the Petroleum Exporting Countries).

“We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024,” the EIA said. “We now forecast significantly less global oil production than world oil consumption through the first half of 2024, requiring draws on world petroleum stocks (inventory).”

It forecasted global oil output in the second quarter of 2024 at 101.3 million barrels per day (bpd), 900,000 bpd lower than the projected demand of 102.2 million. (PNA)