Motorists may anticipate an increase in fuel prices next week, Unioil Petroleum Philippines, Inc. said on Saturday.
According to the oil company’s forecast, the per-liter prices of diesel will go up by P1.30 to P1.50 starting May 16.
Pump prices of gasoline are seen to rise by P0.30 to P0.50 per liter.
This is another turnaround as the oil firms himplemented price rollbacks over the past three weeks.
As of May 9, the Department of Energy locally monitored year-to-date net decrease for diesel and kerosene at P7.05/liter and P7.50/liter, respectively, while gasoline has a net increase of P3.85/liter.
The oil price hike will put an end to three consecutive weeks of price cuts, triggered by concerns of a recession in the US.
On May 9, the oil companies implemented a per liter decrease of P2.20 for gasoline, P2.70 for diesel, and P2.55 for Kerosene.
These resulted in a year-to-date net decrease for diesel at P7.05 per liter and kerosene at P7.50 per liter. Gasoline, on the other hand, has a net increase of P3.85 per liter.