Oil prices are expected to go up by more than P1 per liter this week due to market speculations of a possible production freeze by the Organization of Petroleum Exporting Countries.
An industry source said gasoline and diesel prices will likely go up by more than P1 per liter this week, reflecting the market’s optimism on a meeting by Opec and non-Opec members at the sidelines of an energy conference in September.
The Energy Department’s price monitor said that oil prices are expected to go up.
The department said higher oil prices also received support due to forecasts of supply decline due to refinery situations in China and Thailand.
It said losses in Nigerian output and increase in the number of rigs operating in the US oil fields also pushed up oil prices.
Analysts, meanwhile, expect world oil prices to settle between $50 to $60 per barrel by the end of the year.
World oil prices have been on a a downward trend since late 2014 due to oversupply.
Oil prices also went up last August 16 by P0.55 for gasoline, P0.70 for diesel and P0.65 for kerosene.
Diesel prices in Metro Manila currently range from P23.80 to P29.85 per liter while gasoline sells from P33.55 to P43.10. Kerosene, meanwhile sells from P27.10 to P37.30 per liter.
Pump prices vary depending on the brand, location of the station and market forces.