MANILA, Philippines — Pump prices are set for another round of increases next week.
Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said there are possible hikes in domestic pump prices next week, based on the four-day trading in the Mean of Platts Singapore.
Gasoline prices are seen rising by a hefty P1.95 to P2.10 per liter, while prices of diesel could jump by P0.65 to P0.85 per liter and kerosene by P0.20 to P0.30 per liter.
Romero said the estimated price hikes are attributed to various international oil market developments such as the drop in US crude stockpile, stimulus package issued by the central bank of China to reinforce its economic recovery and expectations that India will become the single most important driver of oil demand growth.
The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.