Pump prices to continue climb next week

MANILA, Philippines — Weekly increases in the prices of petroleum products are expected to continue next week.

Cleanfuel said running trend showed potential price increases of P0.80 per liter for diesel and P0.20 per liter for gasoline.

An oil industry source, on the other hand, said indicative movement on pump prices for next week could range from a P0.80 to P0.90 per liter upward adjustment for diesel and between P0.20 to P0.30 per liter increase for gasoline.

“The chances are high that there will be another round of increase for next week,” Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad said over radio dzBB yesterday.

Based the first four trading days of the week, Abad said estimates showed a potential price hike of not more than P0.50 per liter for gasoline and more or less P1 per liter jump in the prices of diesel and kerosene.

Abad said global prices continue to rise as a result of OPEC+ reducing supply until September.

Should the forecast upward adjustments push through next week, it would extend the price hikes for diesel and kerosene to a ninth consecutive week and that of gasoline to its eighth straight week.

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 prices by P0.30 per liter for gasoline, P0.70 per liter for diesel, and P0.80 per liter for kerosene.

These adjustments resulted in a year-to-date net increase of P14.80 per liter for gasoline, P9.50 per liter for diesel and P6.64 per liter for kerosene, data from the DOE showed.

Retailers of cooking gas have also announced price increases this month, with Petron and Phoenix LPG hiking prices by P6.65 per kilogram and Solane by P6.64 per kilogram.

AutoLPG prices of Petron and Phoenix are likewise up by P3.70 per liter.