Oil firms have increased the price of kerosene by as much as P3.27 per kilogram effective today (Friday).
The upward adjustment came as a senior Energy official said fuel prices in the country may drop next week.
Rino Abad, director of the DOE’s Oil Industry Management Bureau, said Thursday that oil prices had decreased in the previous three trading days.
“The price is declining. I hope that from today until tomorrow the decrease will be maintained to ensure a price rollback next week,” Abad said, indicating the peace talks between Russia and Ukraine had an influence on oil trading this week.
“I will not yet disclose the figure, but there is a strong indication that there will be a price rollback as far as three trading days are concerned,” he said, adding oil prices have remained volatile.
In separate advisories Thursday evening Petron and Phoenix LPG said they will increase the price of LPG by P3.25 per kilogram.
Petron’s Auto-LPG will also increase by P1.81 per liter.
The price of Solane-branded LPG, on the other hand, will go up by P3.27 per kilogram.
Local oil firms on Tuesday implemented another major increase in pump prices of petroleum products, bringing prices up for 12 out of the 13 weeks so far this year.