Diesel seen to go up by over P5/liter, gasoline by more than P1/liter next week

Motorists shall brace for another round of increase in the pump prices of petroleum prices in the coming week.

Citing oil trading from August 22 to 25, an oil industry source told GMA News Online that the price per liter of diesel may increase by P5.40 to P5.70.

Meanwhile, gasoline prices may go up by P1.30 to P1.60 per liter.

In a phone interview, Department of Energy-Oil Industry Management Bureau Director Rino Abad confirmed that a price hike looms next week with diesel prices expected to increase by “more than P5 per liter” while gasoline may be hiked by “more or less P1 per liter.”

Abad said that factors which affected the movement of oil prices in the world market include the increasing demand for fuel in the United States and Europe amid the lingering concerns of supply shortage brought by the Russia-Ukraine war.

The Energy official added that Russia is also refusing to supply oil to Europe, which further added to supply pressures.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Effective August 23, fuel firms hiked prices per liter of gasoline by P0.70 and diesel by P2.60 per liter.

The latest price increase brought the year-to-date total adjustments to stand at a net increase of P18.15 per liter for gasoline and P31.70 per liter for diesel.

Data from the DOE, as of August 23 to 25, showed the prices per liter of gasoline range from P64.85 to P75.95 in Quezon City - Metro Manila’s largest city - while in Philippine capital Manila, diesel prices range between P70.20 and P75.95 per liter. — RSJ, GMA News