Oil firms raise prices again by almost P2

A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station on E. Rodriguez Avenue in Quezon City. INQUIRER/NIÑO JESUS ORBETA

MANILA, Philippines — Motorists may want to gas up this week as oil companies are poised to raise the prices of petroleum products by up to almost P2 per liter, according to industry sources.

Unioil, in its advisory over the weekend, said the price of diesel might go up by P1.50 to P1.70 per liter and gasoline by P1.10 to P1.30 per liter.

Department of Energy’s (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero said on Friday that companies might jack up gasoline prices by 90 centavos to P1.20 per liter, diesel by P1.20 to P1.40 and kerosene by P1.10 to P1.30 per liter.

READ: Gasoline price up 45¢ per liter, diesel down by 60¢

Romero provided estimates based on the four-day trading in the global oil market.

“Oil futures were little changed Thursday morning, taking a breather after a four-day winning streak attributed to fears of a wider conflict in the Middle East, especially the Israel-Hamas might spread to include Iran; the Ukraine attack on Russia’s oil refineries; the Opec’s (Organization of the Petroleum Exporting Countries) decision to continue its policy on production cut; and signs of stronger economic growth in the United States and India,” she said.

Fourth straight week

If the fuel price projections are correct, this might be the fourth straight week that industry players increased the pump price of gasoline.

Last week, gasoline rose by 45 centavos per liter while diesel and kerosene declined by 60 centavos per liter and P1.05 per liter, respectively.

Year-to-date adjustments of gasoline and diesel stand at a net increase of P8.20 per liter and P4.50 per liter, respectively.