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Gasoline prices demand to rise 11.1%

In light of current crude oil prices of $127 per barrel, the House Ways and Means Committee chairman, Rep. Joey Salceda, indicated on March 9, Wednesday that gasoline prices could climb by around 11.1% next week.

Government officials have predicted that gas prices will rise even further. At a video briefing on Tuesday, March 7, Department of Energy (DOE) Secretary Alfonso Cusi stated that the standard pump price of gasoline was 69.28 cents per liter.

According to Salceda's predictions, diesel and kerosene prices could rise by up to 9.25/l and 8.88/l, respectively.

Companies in the local oil industry have announced price hikes of PHP0.80 per liter on gasoline and PHP0.65 per liter on diesel in separate releases.

Petrol and kerosene prices have climbed by more than PHP1 per liter four times in the last weeks, while diesel prices have grown by more than PHP1 per liter for six weeks.

The DOE reported a year-to-date adjustment of oil prices of PHP7.95 per liter for gasoline, PHP10.20 per liter for diesel, and PHP9.10 per liter for kerosene.

During the latter half of 2021, DOE Secretary Alfonso Cusi predicted a rise in petroleum prices in 2022 due to a global shortage of 3 million barrels per day in oil supplies.

However, despite the new COVID-19 strain's danger to global oil supplies, demand has continued to rise.

Because of the ongoing geopolitical unrest, oil prices worldwide have gone up this month. This is especially true in the Russia-Ukraine border region, a primary conduit for oil traffic between Russia and Europe.

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