Unioil sees up to P2 increase in diesel prices next week

Pump prices are expected to go up next week, according to Unioil Petroleum Philippines on Saturday.

Unioil projected that diesel prices would rise by P1.80 to P2 per liter and gasoline prices would climb by P1.20 to P1.50 per liter for the period November 12–18.

The Department of Energy also expects that fuel prices will rise in the coming week:

• Gasoline - P1.10 to P1.40
• Diesel - P1.70 to P1.90
• Kerosene - P1.10 to P1.20

DOE Oil Industry Management Bureau Director Rodela Romero said on Friday that the estimates were based on the four-day international trading.

Romero said oil prices increased for the past four days as the storm was expected to cut the United States output in the Gulf of Mexico, OPEC+ delayed plans to increase production in December, and the US Federal Reserve plans to deliver another interest rate cut.

Other contributing factors are the depreciation of the peso, the premium added to the purchase of petroleum products, and freight cost, according to Romero. —VBL, GMA Integrated News