Diesel and kerosene prices are expected to climb by as much as P8.30 per liter next week, the 12th weekly upward adjustment in 13 weeks.
Unioil’s forecast showed diesel prices may increase by P8 to P8.30 per liter.
Industry sources said kerosene prices will also hike by as much as P8.15 per liter.
Gasoline will have the lowest increase at P2.90 to P3.10 per liter, Unioil said.
The oil price hike came after a hefty rollback last Tuesday aimed at offsetting 11 weeks of consecutive increases.
President Rodrigo Duterte earlier decided to retain the excise tax on fuel products but released several subsidy packages for indigent families and public transportation and agricultural workers.
The Finance department said suspending fuel excise taxes would lead to a massive revenue loss of P105.9 billion, or about a half-percent of the country’s gross domestic product (GDP) this year
The government instead allocated P5 billion to assist public transport drivers with a P6,500 subsidy, and a separate P1-billion budget for fuel discounts to benefit the agricultural sector bearing the brunt of increased oil prices.
Also, around 115,000 drivers of public utility vehicles have already received their one-time P6,500 fuel subsidy.
The Department of Budget and Management also released P7 billion for the third tranche of the Service Contracting Program (SCP) covering PUV drivers and operators, including jeepneys and UV Express units, to start the expanded free-ride rollout.
Under the SCP, operators and drivers who participate in the government’s free ridership program will receive a one-time payout of P4,000, and weekly payments based on kilometers traveled per week with or without passengers.
Poor households will also get an additional P500 monthly subsidy for three Prices… months at most to help them cope with the impact of rising fuel prices.
The P500 subsidy would go to 13 million beneficiaries, which would come up to P6.5 billion.
