Price hike seen for diesel, kerosene next week due to weak peso —DOE exec

Motorists should brace for another increase in the prices of diesel and kerosene next week due to the Philippine peso's current performance against the US dollar.

Gasoline prices, meanwhile, may stay the same or be rolled back a bit, according to Atty. Rino Abad, director of the Energy Department's Oil Industry Management Bureau, citing projections.

Interviewed on Dobol B TV on Friday, Abad said diesel prices may be increased by at most "a little more than P1" per liter while kerosene's expected price increase will be less than P1/liter.

Abad cited peso depreciation in the past couple of days as reason why there will be no rollback yet in the prices of diesel and kerosene.

"Ngayong week bumaba ang ating trading prices ng gasoline, diesel at kerosene. Unfortunately, in a matter of five days, halos piso ang itinaas ng ating peso compared to US dollar," Abad said.

"So when we computed, unfortunately, ang ini-expect natin if not baka hindi pa ito magko-cause ng rollback. Pero ang gasolina may chance ng konting rollback o walang adjustment. Yun ang tinignan natin," he added.

On Thursday, the Philippine peso lost 23 centavos to close at P54.7:$1 versus Wednesday's finish of P54.47:$1 -- its worst performance since November 21, 2005, when it closed at P54.74:$1.

Referring to the peso's recent depreciation, Abad said, "Yan ang bagong factor na pumapasok." —KBK, GMA News