Oil firms are set to implement another big time price hike next week—the seventh consecutive week of price increases—at P1.40 to P1.50 per liter of diesel.
Unioil Petroleum, in its price forecast for the Oct. 12 to 18 trading week, said gasoline prices may increase by up to P1.20 to P1.20 per liter.
Year-to-date adjustments stand at a total net increase of P16.55 per liter for gasoline and P15.00 per liter for diesel, latest data from the Department of Energy showed.
Last week, oil players raised the price of diesel and kerosene by P2.05 per liter and gasoline by P1.45 per liter.
According to the DOE, crude prices has been going up due to concerns over the prolonged tightness in supply as the US Gulf Coast oil output remains constrained.
Increasing infections and tightening of local restrictions in China and in Vietnam also remain an ongoing concern.