The country’s oil firms will likely raise pump prices by as much as P1.40 per liter on Tuesday to reflect the movement of prices in the world market, an industry source said Friday.
The source said the indicative movement on fuel prices next week was computed based on the first four days’ Mean of Platts of Singapore and the foreign exchange average (May 8 to May 11 only) versus the previous week’s average.
The source told Manila Standard diesel will likely go up by P1.30 to P1.40 and gasoline by P0.20 to P0.30 per 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.
Reuters reported early this week that oil prices went up after the US announced plans to refill its emergency oil reserves amid anticipated high demand.
Domestic pump prices are adjusted every Tuesday to reflect the movement of prices in the world oil market the previous week.
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.
On May 2, the oil companies also rolled back prices by P1.50 for gasoline, P1.30 for diesel, and P1.40 for kerosene.
The oil companies also implemented a per-liter decrease of P1.40 for gasoline, P0.70 for diesel, and P0.20 for kerosene on April 25.