Consumers will have to brace for higher fuel prices next week of up to P1 per liter due to the movement of prices in the world market.
“Expect fuel prices to go up next week. Diesel should go up by P0.60 to P0.70 per liter and gasoline should go up by P0.0.90 to P1 per liter,” Unioil Philippines said in its advisory.
The forecasted oil price hike will be the second consecutive weekly oil price increase after the oil firms increased pump prices by P0.25 per liter for gasoline, P0.20 per liter for diesel and P0.10 per liter for kerosene last April 9.
Last April 2, the country’s oil firms rolled back the price of diesel by P0.30 per liter, kerosene by P0.20 per liter and gasoline by P0.10 per liter.
Price adjustments since the start of the year to a net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel and P3.45 per liter for kerosene.
World oil prices traded higher last week amid concerns of tight global supply arising from the reduction in output of the Organization of Petroleum Exporting Countries and its allies, sanctions imposed by the US against Iran and Venezuela and Libya’s ongoing civil war.
OPEC and producer allies such as Russia previously agreed to cut output by 1.2 million barrels per day (bpd) to prevent a supply overhang from growing.
DOE’s latest monitoring also showed that gasoline prices in Metro Manila ranged from P48.50 to P62.44 per liter, diesel from P40.10 to P48.75 and kerosene from P45.20 to P55 per liter. Prices vary depending on the location, brand and market forces.