Industry experts have predicted that pump prices of diesel and kerosene may possibly go up by as much as P6 next week, the second oil price adjustment within the month, if ever.
Diesel prices are expected to increase by P5.90 to P6.20 per liter, and P5.80 to P6.10 per liter for kerosene.
On the other hand, gasoline prices may be raised by P1.20 to P1.60 per liter.
Oil firms have confirmed the expected oil price hike for Tuesday next week.
Sources cited the higher demand in diesel as winter approaches some countries.
“Sa bansang malalamig, ginagamit siya parang pang-init. May mga bansa rin na harvest season na nila. Ginagamit ang petroleum products,” said Rodela Romero, assistant director of the Department of Energy’s oil industry management bureau.
The tight supply of oil products due to the ongoing armed conflict between Russia and Ukraine was also a factor.
“Based on a four-day monitoring, there will be an increase in the prices of petroleum products due to high demand brought about by the harvest and winter season,” Romero said.
Romero said the threats of a Russian oil embargo by the end of the year also pushed up world oil prices.
She said gasoline might go up by “more than P1” while diesel and kerosene could increase by more than P5 per liter.
She said she hoped prices would go down in Friday’s trading.
“Around P5 per liter for diesel and gasoline, almost P1 per liter,” an industry source said.
On Aug. 23, the oil companies raised gasoline prices by P1.70 a liter, diesel by P2.60 a liter, and kerosene by P2.80 a liter.
These resulted in the total year-to-date adjustments at a net increase of P18.15 per liter for gasoline, P31.70 per liter for diesel, and P27.10 per liter for kerosene.