Consumers will have to brace for a hefty P1.10 per liter increase this week, the second weekly consecutive oil price hike to reflect the movement of prices in the world oil market.
Unioil Petroleum Philippines forecasts an increase in fuel prices from September 7 to 13.
“Diesel will increase by P1 to P1.10 per liter. Gasoline will increase by P0.40 to P0.50 per liter,” the company said.
World oil prices went up last week on reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to increase production output by 400,000 barrels per month.
A report by Reuters noted a decline in oil prices on Friday due to weak US jobs reports which could impact demand.
This was offset by concerns that US oil supply would remain limited due to the impact of Hurricane Ida
The resumption of operation of oil refineries after Hurricane Ida, however, is seen to boost prices in the next few weeks.
On August 31, the oil companies implemented a price increase in domestic oil products, specifically P0.25 to P0.40 per liter for gasoline, P0.60 per liter for diesel and P0.70 per liter for kerosene.
These resulted in the year-to-date adjustments to stand at a total net increase of P12.85 per liter for gasoline, P9.95 per liter for diesel and P8.10 per liter for kerosene, according to the Department of Energy.
