Domestic pump prices are expected to go up next week by as much as P0.90 per liter, reflecting the volatility 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 P0.80 to P0.90 per liter. Load up accordingly,” Unioil Philippines said in its advisory.
Oil players implement the movement in world oil prices every Tuesday.
Last Feb. 4 and 5, the oil companies cut pump prices by P0.60 per liter for gasoline, P0.35 per liter for diesel and P0.20 per liter for kerosene.
Last week’s rollback ended four consecutive weeks of oil price increases.
Latest monitoring from the Department of Energy showed that year-to-date adjustments stand at a net increase of P0.6 per liter for gasoline, P0.70 per liter for kerosene and P1.90 per liter for diesel.
World oil prices went up amid expectations of the meeting of the Organization of Petroleum Exporting Countries in April where the group committed to return to production cuts.
US sanctions against Venezuela also shored up world oil prices due to concerns of tight supply.
The Philippines is a price taker in the world market as it imports more than 90 percent of its oil requirements.
