Oil prices are forecast to continue its upward trend this week by as much as P0.40 per liter to reflect the movement of prices in the world market, buoyed by increased demand in the US and China.
Unioil Philippines said diesel prices will likely go up by P0.30 to P0.40 per liter but gasoline prices will not move.
“Expect fuel prices to have mixed movement next week (May 4 to 10). Diesel will increase by P0.30 to P0.40 per liter. Gasoline will have no price change,” the company said.
On April 27, oil companies increased the price of gasoline by P0.45 per liter, diesel by P0.35 per liter and kerosene by P0.65 per liter.
These resulted in year-to-date adjustments standing at a total net increase of P7.60 per liter for gasoline, P5.70 per liter for diesel and P4.95 per liter for kerosene.
On May 1, oil firms slashed the price of liquefied petroleum gas (LPG).
Petron Corp. cut the price of its LPG by P3.20 per kilo (VAT-inclusive) or a total of P34.10 for an 11-kilo tank..
Petron also cut the price of its autoLPG by P1.80 per liter while Solane LPG slashed its prices by P2.84 per kilo (VAT exclusive).