Pump prices will likely go up next week by as much as P1.50 per liter to reflect the movement of prices in the world market, amid optimism about improving demand in Asia.
Industry sources told the Standard kerosene may go up by P1.35 to P1.50 per liter, followed by diesel at P1.20 to P1.40 per liter and gasoline by P0.30 to P0.50 per liter.
“All prices of petroleum products will increase by Tuesday,” Department of Energy director for the Oil Industry Management Bureau Rodela Romero said.
“Oil prices rose, taking some support from strong US economic data and hopes of improving demand in Asia plus the possible unexpected drawdown in the US stockpile,” Romero said.
She said the pronouncement of the Organization of the Petroleum Exporting Countries of a production cut that will take effect in July shored up oil prices.
All prices of petroleum products will increase by Tuesday when local oil firms usually implement their price adjustments.
On June 20, the oil companies implemented a rollback in the price of petroleum products. Gasoline went down by P0.35 per liter, diesel by P0.10 per liter, and kerosene by P0.30 per liter.
These price adjustments resulted in a year-to-date net decrease for diesel at P4.05 per liter and kerosene at P6.35 per liter.
Gasoline, on the other hand, has risen by P6.35 per liter this year, according to the DOE.
