Gas prices up next week

After seven successive weeks of downtrends, motorists should brace for another round of increases in the prices of petroleum products sold at the pump next week.

Based on the oil trading data from Monday to Thursday, an industry source said diesel prices are expected to go up by around P2 to P2.20 per liter, while the cost of gasoline will slightly increase by around P0.10 to P0.30 per liter.

The source said the final price adjustment forecasts are still subject to change as they did not include the oil trading data on Friday.

In a radio interview on Friday, Rodela Romero, Department of Energy Oil Industry Management Bureau director, confirmed the looming oil price hikes.

“For diesel and kerosene, there might be a hefty increase, but for gasoline, it will be little to no change,” she said.

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

Effective last Tuesday, local oil companies cut diesel prices by P1.05 per liter, gasoline by P0.10 per liter, and kerosene by P0.45 per liter.

Latest data from the DoE showed that as of 16 August, the cumulative increase in diesel prices stood at P29.10 per liter, gasoline at P17.45 per liter, and kerosene at P24.30 per liter.

Leave a Reply

Your email address will not be published. Required fields are marked *