SUMMARY
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MANILA, Philippines – Prices of gasoline and diesel in the Philippines will likely rise by P0.75 to P1 ($0.016 to $0.023) per liter on Tuesday, February 24, industry sources said.
This is expected to be the 3rd time in February that prices of petroleum products will increase in the Philippines.
The costs of petroleum products had increased last February 17 and the week before this.
These adjustments came after consumers enjoyed oil price rollbacks for weeks.
In an analysis piece for Rappler, economist JC Punongbayan explained in December 2014 that the price movements “stem largely from an interaction of oil demand and oil supply.”
Explaining the drop in gas prices, he pointed out there “has been a combination of weaker global demand and stronger supply” from nations that don’t belong to the Organization of the Petroleum Exporting Countries or OPEC.
Punongbayan warned back then: “On the whole, it seems that lower oil prices will bring more benefits than costs to people worldwide. And yet the future reversal of this price trend remains a real possibility.” – Rappler.com
($1 = P44.24)
Gas station attendant at work image from Shutterstock
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