Oil prices will likely go up next week by as much as P2.10 per liter, triggering the sixth consecutive week of price hikes that reflect the movement of prices in the world market.
Unioil Petroleum Philippines said consumers can expect fuel prices to go up from October 5 to 11.
"Diesel will increase by P2 to P2.10 per liter. Gasoline will increase by P1.40 to P1.50 per liter," the company said over the weekend.
This follows on the heels of Petron Corp. saying it will implement a staggered increase in liquefied petroleum gas (LPG) to mitigate a P7.40 per kilo increase in cooking gas to consumers.
Petron is implementing the increase in two installments, with P4 per kilo effective 12:01 a.m. last October 1 and P3.40 per kilo effective 12:01 am on October 8.
Combined, this translates to P81 per kilo for an 11-kilo tank, one of the highest increases in LPG prices in the past years.
The oil firms traditionally adjust LPG prices every first day of the month compared to pump prices which are adjusted weekly.
According to the latest monitoring of the Department of Energy (DOE), crude prices have been going up due to concerns over the prolonged tightness in supply as the US Gulf Coast oil output remains constrained.
DOE cited reports that around 16.18% percent of the Gulf’s oil production remains offline as of September 23.
Three offshore facilities in the Gulf of Mexico will also likely be offline for the rest of the year due to damage caused by hurricane Ida.
However, increasing coronavirus infections and tightening of local restrictions in China, and in Vietnam also remain an ongoing concern.
On September 28, the oil raised gasoline prices by P0.55 per liter, P0.90 per liter for diesel and P0.95 per liter for kerosene.
These resulted in year-to-date adjustments to stand at a total net increase of P15.10 per liter for gasoline, P12.95 per liter for diesel and P10.65 per liter for kerosene.
Petron said it implemented the cooking gas price adjustments to reflect the increase in the international contract price of LPG for the month of October.
This will be the fifth consecutive monthly LPG price increase since June.
LPG currently sells from P780 to P972 per 11-kilo tank based on the latest monitoring of the Department of Energy.
The company also implemented a staggered increase for auto LPG for a total P4.14 per liter.
Petron will raise its autoLPG by P2.24 per liter effective 12:01 am October 1 and P1.90 per liter effective 12:01 am October 8.