MANILA, Philippines -- Tighten your seatbelts.

After last weekend’s surprise P1-a-liter hike in the prices of gasoline, diesel and kerosene, consumers will have to brace themselves for more price increases in the coming weeks, particularly, for socially sensitive diesel.

In a presentation at the Department of Energy Monday, Shell Companies in the Philippines country chair Edgar Chua said local oil firms had yet to recover their fuel procurement costs over the past weeks, with under-recoveries now reaching as much as P6-P7 a liter.

“On the basis of today’s prices, both international and local pumps, selling prices are around P7 a liter lower than the cost. The public can expect more adjustments over the next few weeks, primarily for diesel,” Chua said.

“The P7 a liter that has to be recovered assumes [an exchange rate] of P41.50 to a dollar. If the foreign exchange continues to deteriorate, we’ll have to add that, on top of the adjustments,” he said.

Fuel prices increased by P1 a liter -- double the usual 50 centavos-a-liter hike -- over the weekend as oil firms struggled to cope with still rising world oil prices.

Chua said it was difficult to say by how much fuel prices would rise each week -- whether it would return to the staggered 50 centavos a week or maintain the P1-a-liter hike implemented last weekend -- as many factors had to be considered.

“The price movements will depend on the competitive environment and the sensitivity of the public,” he said.

Petron chair Nicasio Alcantara said that in making their decision, oil firms would also have to take into consideration the public interest.

According to data from the DOE, the regional benchmark Dubai crude surged to an April average of $103.41 a barrel, almost $7 a barrel higher than the March average of $96.76 a barrel.

Dubai crude soared to an all-time high of $110.20 a barrel on April 28.

The price of unleaded gasoline based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products was placed at $118.08 a barrel in April, from just around $110 a barrel in March.

MOPS-based diesel likewise skyrocketed to an average of $141.98 a barrel last month, up by more than $13 from the March average of around $128 a barrel.

Shell’s Chua said local oil firms could no longer extend measures to mitigate the impact of the high oil prices on consumers as they, too, still had to recover their losses.

Chevron Philippines Inc. country chair Randy Johnson said it would be “disruptive” to introduce more discounts to the public transport sector as, with the P6-P7 a liter that oil companies still had to recover, this would create price distortions.

Oil companies already provide diesel discounts of P1 a liter to jeepneys and public utility buses.

Energy Secretary Angelo Reyes said the government was “continuing the study” of other ways to alleviate the impact of the rising oil prices to consumers.

The suspension of the 12-percent value-added tax (VAT) on oil products, however, might be more difficult to implement than it looks.

“We’re being hit simultaneously -- rice, power, oil and even pan de sal prices are going up. The regime of high oil prices is a reality. We’ll have to live with it for years, even decades, to come,” Reyes said.

“The executive branch can’t just suspend the implementation of any law. If we want to suspend this, we’ll have to amend the law. We’ll discuss this matter with the economic team and liaison with Congress so we can determine what to do,” he added.