Gasoline, Diesel Price Increases Expected Next Week – DOE
More increases are expected next week.
According to the DOE, world gasoline prices have already increased by around P1.75/liter while diesel prices rose by around P1.30/liter in the international market. No announcement as to how much the the actual price increase in the Philippines will be but officials say it will be quite ‘substantial.’
Iran has been posturing in the region in recent weeks raising tensions in the Middle East and sending the price of oil upward as speculators anticipate supply disruptions. Iran conducted a 10-day military exercise in the surrounding seas and threatens to do more, even blocking the Strait of Hormuz – the most important sea channel in the oil trade. It is in the Strait of Hormuz where about 14 tankers carrying 15.5 million barrels of crude oil pass through on an average day. This represents 35% of the world’s seaborne oil shipments, and 20% of oil traded worldwide in 2011.
Meanwhile, the DOE said it will continue with the inspection of the books of oil firms and investigation on overpricing. The review will begin on February 1.
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