Oil prices are expected to continue their upward trend by as much as P0.60 per liter next week, reflecting the movement of world oil prices.
“Expect fuel prices to go up next week. Diesel should go up by P0.50 to P0.60 and gasoline should go up by P0.20 per liter. Load up accordingly,” Unioil Philippines said in a statement.
Local oil firms adjust pump prices every Tuesday.
Year-to-date adjustments stand at a net increase of P1.00/liter for gasoline, P0.65/liter for kerosene, and P1.55/liter for diesel, according to the latest monitoring report of the Department of Energy.
Oil firms raised the price of diesel by P0.40 per liter, kerosene by P0.15 per liter and P0.10 per liter for gasoline last Tuesday.
The increase this week would be the fourth consecutive oil price hike. Last Jan. 15, the oil firms raised pump prices by P2.30 per liter for diesel, P1.40 per liter for gasoline, and P2 per liter for kerosene.
On Jan. 8, oil companies also raised prices by P0.80 per liter of gasoline, P0.70 per liter of diesel and P0.40 per liter of kerosene.
World oil prices have been on the rise on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown.
Oil prices have also been receiving support from supply cuts started at the end of 2018 by Saudi Arabia and the Organization of Petroleum Exporting Countries.
The DOE, meanwhile, has issued a circular repealing its previous order requiring oil companies to source Euro II compliant diesel due to lower oil prices in previous months, discounts to PUVs, continuous rollout of Pantawid Pasada program, and the increase in minimum fares.
DOE previously wanted the oil companies to import the lower-priced Euro II fuel to help mitigate higher inflation and high oil prices to consumers.
DOE has also monitored 1,639 retail outlets or 19 percent of gasoline stations nationwide, which have implemented the higher excise tax on petroleum products as of last week.
Energy Secretary Alfonso Cusi earlier said the department will ensure the proper implementation of the second tranche of the excise tax on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
This second tranche “will fund crucial infrastructure projects and poverty alleviation programs needed to strengthen our ability to compete globally,” Cusi said.
