Motorists brace for an upcoming increase this week as most oil companies are expected to raise gas prices by up to P1.55 per liter.
Firsthand, Jetti Petroleum Inc. stated in their advisory diesel prices is expected to increase by 30 to 35 centavos per liter, while gasoline by P1.50 to P1.55 per liter.
“Expect fuel prices to go up next week. Diesel should go up by 30-40 centavos and gasoline should go up by P1.30 to P1.40 per liter,” Unioil Petroleum Philippines Inc. stated.
This may seem to be the sixth consecutive time that gas companies to implement an upward adjustment in gasoline prices.
Since Friday, oil prices stumbled in the global market. News reports show that Brent crude futures dropped 7 cents to $67.16 per barrel, while the US West Texas Intermediate crude oil futures fell 9 cents to $58.52 per barrel.
In the previous week, oil firms hiked up the price of gasoline to 90 centavos per liter, but prices of diesel and kerosene stayed level.
Year-to-date alterations stand at a net increase of P4.65 per liter for gasoline, P4.35 per liter for diesel, and P3.05 per liter for kerosene, based on the Department of Energy’s weekly monitoring.
Diesel is currently being sold from P41.40 to P50.23 per liter, gasoline from P45.25 to P60.89 per liter, and kerosene from P44.90 to P53.45 per liter.
Adjustment in fuel prices typically takes effect by Tuesday of every week.