Oil price hike seen next week — industry source

Pump prices of petroleum products are expected to go up in the coming week.

Citing Mean of Platts Singapore (MOPS) trading and foreign exchange averages in the past four days, an oil industry source said the following price increases are expected to be implemented by fuel retailers next week:

• Diesel -  P1.00 to P2.00 per liter 
• Gasoline -  P2.00 to P3.00 per liter

The Department of Energy (DOE) on Thursday said there could be a possible increase in pump prices in the coming week due to the continued weakening of the Philippine peso against the US dollar.

Energy Secretary Sharon Garin said there are early trends in global oil trading suggesting an upward adjustment in pump prices.

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

On April 28, fuel firms implemented a price hike for gasoline by P0.53 per liter while the prices for diesel and kerosene were slashed by P12.94 per liter and P15.71 per liter, respectively.

Latest data from the DOE showed that this week’s price adjustments, the 17th movement for the year, resulted in a total net increase of P44.23 per liter for gasoline, P48.96 per liter for diesel, and P57.99 per liter for kerosene. —AOL, GMA News