Filipino consumers will be back paying higher oil prices as the prices of gasoline and diesel will climb to the scale of P0.70 to P0.90 per liter this week.
This was based on the initial calculation of the oil companies but minus the result of trading in the international market as of Friday.
Diesel prices are anticipated to rise from P0.80 to P0.90 per liter while gasoline could be up by P0.70 to P0.80 per liter on Tuesday.
Pump prices also increased last week by a very marginal increase of P0.10 per liter.
The price of Liquefied Petroleum Gas will also be on the uptick, based on the projection of the industry players. The targeted increase could be as high as P1 per kilogram or P11 for the standard 11-kilogram cylinder which is the typical tank used in households.
Global oil prices had been on escalating mode in the initial trading days last week, but prices crashed Friday with reports that the Organization of the Petroleum Exporting Countries had been prepping to boost supply.
For the Asian market, the other major factor exerting upward pressure on prices had been the scheduled turnaround or maintenance shutdown of refineries in various parts in the region.
According to the Department of Energy, the forecast upswing in prices will be due to the combined impact of increased cost of oil prices in the world market and the fluctuations in the peso-dollar exchange rate. (Myrna Velasco)