The country’s oil firms are expected to implement another round of oil price hikes of as much as P2.40 per liter for kerosene next week, industry sources said.
This will be the sixth consecutive week of upward price adjustment for diesel and kerosene and the fifth in a row for gasoline.
The oil firms estimated the adjustment at P2.05 to P2.40 per liter for kerosene, P1.35 to P1.65 per liter for gasoline, and P1.10 to P1.40 per liter for diesel.
The source said this is based on the movement of the benchmark Mean of Platts Singapore for the first four days of trading in the global oil market.
The price adjustment forecast, once it takes effect on Tuesday, will result in a year-to-date net increase of P13.15 per liter for gasoline, P8.50 per liter for diesel, and P5 per liter for kerosene, respectively.
Department of Energy director for the oil industry management bureau Rodela Romero confirmed the forecasted oil price hike for Tuesday.
“This is attributed to the Saudi’s production cut, US government agency projected a rosier outlook on the economy and Ukraine’s threat to retaliate if Russia continues to block Ukrainian ports. These offset concerns about slow demand from China,” Romero said.
Last week, oil firms raised pump prices by P4 per liter for diesel, kerosene by P2.75 per liter, and gasoline by P0.50 per liter.