Consumers will have to brace for higher pump and liquefied petroleum gas prices next week to reflect higher prices in the world oil market.
Sources said LPG prices may go up by P2 to P5 per kilo, which translates to a P22 to P55 per kilo increase for every 11-kilo tank, used primarily by households.
LPG is currently sold at P718 to P935 per 11-kilo tank in Metro Manila.
Oil firms adjust LPG prices every first day of the month and pump prices every Tuesday.
Consumers are also facing higher diesel and kerosene prices.
Unioil Petroleum Philippines forecasted a P0.40 to P0.60 per liter increase for diesel and P0.35 to P0.50 per liter increase for kerosene.
On the other hand, gasoline prices may not move or may have a slight increase of P0.10 to P0.20 per liter.
World oil prices have moved upward as the market reacted to the announcement of Federal Reserve Chair Jerome Powell of possible further rate hikes.
The forecasted increase for Tuesday will be the 8th consecutive week of increase for diesel and kerosene and the seventh consecutive week for gasoline.
On August 22, 2023, oil companies implemented an increase of P1.10 per liter for gasoline, P0.20 per liter for diesel and P0.70 per liter for kerosene.
These price adjustments resulted in a year-to-date net increase of P14.50 per liter for gasoline, P8.80 per liter diesel and P5.84 per liter for kerosene.