Diesel seen to go up by over P3/liter, gasoline by nearly P2/liter

Motorists should brace for another round of big-time hikes in the pump prices of petroleum products in the coming week.

In its fuel price forecast for August 1 to 7, 2023, Unioil Petroleum Philippines said the price per liter of diesel may go up by P3.20 to P3.40.

Gasoline prices, likewise, may increase by P1.70 to P1.90 per liter.

An oil industry source, citing trading in the past five days, also said that diesel prices may be increased between P3.10 and P3.40 per liter while gasoline prices may be adjusted upwards by P1.80 to P2.10 per liter.

“The yo-yo trade in oil continues this week as oil prices displayed increases amid expectations of tightening US crude supplies and potential declines in US shale oil production,” Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online.

“The market also showed some strength due to lower inflation readings and industrial outputs in Europe and US as evidence of a possible pause in central bank's rate hikes,” Romero said.

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

Effective Tuesday, July 25, fuel firms implemented an increase of P1.35 per liter for gasoline, P0.45 per liter for diesel, and P0.35 per liter for kerosene.

The latest price adjustments resulted in a year-to-date net decrease of P0.40 per liter for diesel and P3.35 per liter for kerosene.

Gasoline, on the other hand, has year-to-date a net increase of P8.90 per liter. —VAL, GMA Integrated News