Consumers have to brace for another big-time oil price hike next week of as much as P1.40 per liter, the six consecutive weekly oil price increase.
“Expect fuel prices to go up next week. Diesel should go up by P0.30 to P0.40 per liter and gasoline should go up by P1.30 to P1.40 per liter,” Unioil Philippines said in its advisory.
READ: Oil players hike prices by 70c/liter
Year-to-date adjustments stand at a net increase of P4.65 per liter for gasoline, P.435 per liter for diesel and P3.05 per liter for kerosene.
Last March 12, the oil companies raised the price of gasoline by P0.90 per liter but did not adjust diesel and kerosene prices.
Diesel is currently sold from P41.40 to P50.63 per liter while gasoline is sold from P45.24 to P60.89 per liter.
Kerosene is sold from P44.90 to P53.45 per liter. Oil prices vary depending on the brand, location and market forces.
READ: Gasoline price on upswing, Unioil says
World oil prices have remained on the uptrend, supported by the Organization of Petroleum Exporting Countries-led supply cuts and US sanctions against exporters Venezuela and Iran, according to the latest monitoring of the Department of Energy.
Oil price gains, however, were capped by falling stock markets and renewed concerns over demand growth.
Oil prices were also pressured by concerns surrounding Europe’s economy although US crude supply remains strong, surging US production. US crude oil production was at a record 12.1 million bpd last week.
Meanwhile, DOE noted that the Asian gasoline market continued to rally on strengthened fundamentals. Demand from Malaysia and Indonesia remained strong.
READ: Oil price rollback minimal