Gasoline prices going up next week

MANILA, Philippines — Oil companies are expected to implement another round of price hike for gasoline next week.

Cleanfuel said running trend showed a potential upward adjustment of P0.90 per liter for gasoline prices, while an oil industry source estimated the possible increase for the product to range from P0.95 to P1.15 per liter.

“The possibility is high that there will be an increase in gasoline prices next week. It is not as big compared to last week. It’s more or less P1,” Department of Energy-Oil Industry Management Bureau director Rino Abad said in an interview with dzBB yesterday.

For diesel and kerosene, however, Abad said adjustments can either be a slight increase or decrease, depending on the final trading day.

Cleanfuel, for its part, has estimated a potential P0.10 per liter decline in the price of diesel, while an oil industry source sees no movement or a possible P0.10 per liter increase in the price of the product.

The final domestic pump price movements will be announced by oil companies on Monday, which will take effect the next day.

Last Tuesday, oil companies raised pump prices by a hefty amount, with that of gasoline rising by P1.90 per liter, diesel by P2.10 per liter and kerosene by P1.80 per liter.

These price adjustments resulted in a year-to-date net decrease of P0.85 per liter for diesel and P3.70 per liter for kerosene, data from the DOE showed.

Gasoline, on the other hand, has a year-to-date net increase of P7.55 per liter.