Prices of petroleum products will most likely rise again on Tuesday next week, the eighth consecutive week of price increases, sources at the Department of Energy said Friday.
Pump prices for diesel are pegged to rise by P1.34 per liter, gasoline prices are set to go up by one full peso, and kerosene will be up a further P1.09, DoE sources told Manila Standard.
With the impending increase, the price of diesel would have gone up by P3.54 a liter and gasoline by P3.50 a liter in September alone.
This week, the price of diesel went up by 20 centavos, gasoline by 40 centavos, and kerosene by 15 centavos. On Sept. 18, oil companies also announced hikes of P0.15 per liter of diesel, P0.50 for gasoline and P0.20 for kerosene.
The Standard sources said the current tensions between top petroleum producers the United States and Iran are driving the oil price surges, but warned that the DoE and oil firms would announce the actual price increases on Monday.
The DoE continues to monitor trading in the international oil market to determine the adjustments to be made to local pump prices, Oil Management Bureau Assistant Director del Romero said previously. With PNA