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Diesel may rise by P12/liter, gasoline by P8/liter next week —industry source
Fuel prices saw their biggest hike this year on March 8, with diesel increasing by P5.85 per liter, gasoline by P3.60 per liter, and kerosene by P4.10 per liter.
An oil industry source estimates that diesel prices could rise by as much as P12.72 per liter and gasoline by P8.28 per liter next week.
These projected increases are based on oil trading monitoring as of March 7, using the Mean of Platts Singapore benchmark.
The projected adjustments are subject to change depending on the trading results in the remaining days of the week.
This marks the 10th consecutive week of fuel price increases since the beginning of the year.
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Oil companies will implement significant price hikes starting Tuesday, March 15, with diesel increasing by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.
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Consumers can expect significant pump price increases next week, with diesel possibly rising by P5.40 to P5.50 per liter, gasoline by P3.60 to P3.70 per liter, and kerosene by P3.95 to P4.05 per liter.
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Oil companies in the Philippines announced significant price increases, with diesel jumping by P5.85 per liter and gasoline by P3.60 per liter, effective March 8.
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The Department of Energy (DOE) summoned oil companies to explain why their projected fuel price adjustments are higher than initially forecasted.
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Energy Secretary Alfonso Cusi stated that gasoline prices in the Philippines could reach P100 per liter, contingent on further increases in the global oil market.
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