Oil price hike expected in second week of April

Filipinos are bracing for another round of oil price increases in the second week of April, with gasoline and diesel prices expected to rise.

Gasoline prices may go up by P0.30 to P0.70 per liter, while diesel could increase by P0.20 to P0.70 per liter, based on the four-day trading Mean of Platts Singapore (MOPS).

Kerosene prices might see no adjustment or a slight fluctuation of up to P0.20 per liter.

These anticipated adjustments are influenced by intensifying global trade war concerns, including US President Donald Trump's announcement of reciprocal tariffs on trading partners.

The DOE-OIMB also cited declining Chinese refinery output in March and April due to maintenance works as a contributing factor.

Global oil production concerns are further heightened by stricter sanctions on Iran, Venezuela, and Russia, and a cut in Kazakhstan's oil output.

However, the prospect of rising supply after OPEC+ agreed to hike its oil output in May, coupled with a large increase in US crude inventories, has weighed on prices, adding to market volatility.