Gasoline prices to go up this week

MANILA, Philippines - Oil companies are expected to increase gasoline prices by 15 to 20 centavos this week, industry players said yesterday.

If the price hike pushes through, it would end the rounds of oil price rollbacks implemented for the past three weeks.

Industry sources said the hike in gasoline prices may be as low as 10 centavos but could reach 20 centavos.

The last rollback was 30 centavos per liter for diesel and kerosene, which was implemented last week.

According to the Department of Energy (DOE)’s latest monitoring report, diesel prices range from P42.25 to P46.05 per liter. Gasoline prices range from P50.20 to P56.55 per liter.

The DOE said the global oil markets showed marginal fluctuations of prices, supported by reports of export snags in Libya and South Sudan, concerns over the street protests in Venezuela, which is a major oil supplier to the US and weak economic growth in US and China.