Oil prices will likely go up this week by as much as P1 per liter to reflect the movement of prices in the world market.
“Expect fuel prices to go up [this] week. Diesel and gasoline should go up by P0.80 to P1 per liter,” oil player Unioil Philippines said in its weekly price forecast.
The oil price increase will put an end to two weeks of consecutive price rollbacks. Oil companies adjust prices every Tuesday.
On May 14, most of the oil companies implemented a P1.25 per liter rollback for gasoline and P0.30 for kerosene. There were no price movements effected on diesel.
Year-to-date adjustments stand at a net increase of P6.65 per liter for gasoline, P5.40 per liter for diesel and P3.85 per liter for kerosene.
Gasoline currently sells from P49.30 to P57.69 per liter in Metro Manila. Diesel is sold from P41.05 to P45.54 while kerosene prices range from P45.29 to P49.72 per liter.
Pump prices vary depending on the brand, location of the station and market forces.
World oil prices went up last week amid reports of Saudi ships being attached and the ongoing US-China trade war.
Prices also went up ahead of the meeting of the Organization of Petroleum Exporting Countries and its allies in Vienna on June 25 and 26 to discuss production cut deals.