Gas, diesel prices seen up by over P1 a liter next week

Motorists should brace for an increase in the pump prices of petroleum products in the coming week, local oil industry sources said Friday.

Citing trading from July 10 to 13, an oil industry source told GMA News Online that the price per liter of diesel may go up by P1.80 to P2.00.

Gasoline prices, meanwhile, may be adjusted upwards by P1.50 to P1.70 per liter.

Likewise, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said, “For the four-day trading, we are expecting an increase in prices of petroleum products such as gasoline, diesel and kerosene.”

Romero said the price hike could be as much as over P1 per liter across all three fuel products.

“The increase is attributed to the planned supply cuts by the world's biggest oil exporters and hopes for higher demand in the developing world offset wider economic concerns globally,” she said.

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

Effective Tuesday, July 11, fuel firms slashed the per liter prices of gasoline by P0.20; while implementing an increase of P0.75 per liter and P0.50 per liter for diesel and kerosene, respectively.

The latest price adjustments resulted in a year-to-date net decrease of P2.95 per liter for diesel and P5.50 per liter for kerosene.

Gasoline has a year-to-date net increase of P5.65 per liter.

Data from the DOE’s price monitoring, as of July 14, showed the price per liter of gasoline ranges from P54.40 to P66.75 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P51.95 to P59.01 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P66.41 to P69.15 per liter.—LDF, GMA Integrated News