The country’s oil firms have updated their oil price forecast for Tuesday to reflect an increase of as much as P3.40 per liter for diesel due to the movement of prices for the five-day trading in the world oil market.
Unioil Petroleum Philippines said in its advisory on Saturday that consumers should expect fuel prices to go up for the week of August 1 to 7, 2023.
“Diesel will increase by P3.20 to P3.40 per liter. Gasoline will increase by P1.70 to P1.90 per liter. Load up accordingly,” Unioil said.
This is higher than the previous forecast based on the first four days of oil trading in the world market of P2.80 to P3 per liter for diesel and P1.60 to P1.80 per liter for gasoline.
Sources said kerosene may also go up by more than P2.50 per liter.
Some areas in the country will not experience higher pump prices as they were placed under a state of calamity due to the damages brought by Super Typhoon Egay.
The Department of Energy (DOE) imposed a price freeze for household liquefied petroleum gas (11-kilo cylinder and below) and kerosene products. The prize freeze is now in effect and will remain valid for 15 days upon the declaration of the state of calamity.
These areas are Cavite province, Ilocos Norte province and the municipality of Sanchez Mira in Cagayan. The prize freeze is effective from July 27 to August 10, 2023.
DOE director for the Oil Industry Management Bureau Rino Abad said Friday prices are forecasted to go up next week after the Organization of the Petroleum Exporting Countries continued to implement its oil output cut of one million barrels per day.
The expected oil price hike next week will be the fourth consecutive week increase for diesel and kerosene and the third for gasoline.
On July 25, the oil firms hiked the price of gasoline by P1.35 per liter, diesel by P0.45 per liter and P0.35 per liter for kerosene. On July 18, the oil companies also implemented an increase of P1.90 per liter for gasoline, P2.10 per liter diesel and P1.80 per liter for kerosene.
Diesel likewise went up by P0.75 per liter and kerosene by P0.50 per liter on July 11 but gasoline was rolled by P0.20 per liter.