Consumers can expect higher fuel prices next week of as much as P0.50 per liter to reflect the movement in world oil prices.
“Expect fuel prices to go up next week. Diesel will increase by P0.40 to P0.50 per liter. Gasoline will increase by P0.30 to P0.40 per liter,” Unioil Philippines said in its weekly forecast.
Oil companies adjust pump prices every Tuesday. This will be the second consecutive week of oil price hikes.
On April 20, the oil companies implemented a price increase on domestic oil products.
The oil firms raised the price of gasoline by P0.60 per liter, diesel by P0.70 per liter and kerosene by P0.85 per liter.
These resulted in the year-to-date adjustments to stand at a total net increase of P7.15 per liter of gasoline, P5.35 per liter of diesel and P4.30 per liter of kerosene.
World oil prices went up last week due to the weakening of the dollar and the revised higher global demand forecast from the Organization of Petroleum Exporting Countries and the US International Energy Agency.
However, a continued increase in coronavirus cases worldwide, especially in India, tempered the oil gains.