Pump prices are expected to go up by more than P5 per liter for diesel and kerosene next week.
“Based on the four-day monitoring, there will be an increase in the prices of petroleum products due to high demand brought about by the harvest and winter season,” said Rodela Romero, director III of the Department of Energy’s Oil Industry Management Bureau.
Romero said threats of a Russian oil embargo by the end of the year also pushed up world oil prices.
She said gasoline might go up by “more than P1” while diesel and kerosene could increase by more than P5 per liter.
She said she hoped prices would go down in Friday’s trading.
Oil firms confirmed the expected oil price hike for Tuesday next week.
“Around P5 per liter for diesel and gasoline, almost P1 per liter,” an industry source said.
On Aug. 23, the oil companies raised gasoline prices by P1.70 a liter, diesel by P2.60 a liter, and kerosene by P2.80 a liter.
These resulted in the total year-to-date adjustments at a net increase of P18.15 per liter for gasoline, P31.70 per liter for diesel, and P27.10 per liter for kerosene.