Oil prices could go up by as much as P0.25 per liter this week, the Department of Energy said over the weekend.
DoE-Oil Industry Management Bureau director Melita Obillo said oil prices may hike for all products “between P0.15 to P0.25 per liter.”
Oil prices have been going up due to bigger demand against steady supply.
At the same time, members of the Organization of the Petroleum Exporting Countries have shown discipline in complying on their previous agreement on production cuts, which also pushed up prices.
The anticipated price increase on Tuesday is seen to end the month-long price rollback implemented in March.
Oil firms have cut the price of diesel by P0.25 per liter and kerosene by P0.15 per liter on March 28.
The companies, however, slashed the price of cooking gas or liquefied petroleum gas by P5 per kilo or P55 for an 11-kilo tank effective April 1 to reflect the international contract prices of LPG for the month of April.
LPG prices are adjusted on a monthly basis while pump prices are adjusted weekly. Prices vary depending on brand, location of the station and market forces.