The price of diesel products at the pumps is expected to rise by P0.40 to P0.60 per liter while the cost of gasoline products will go up by a leaner P0.15 to P0.25 per liter this week.
The prices increases were based on the estimates of the industry players as of the end of Thursday trading in the international market, thus, the extent of price hikes may still change depending on the outcome of Friday trading.
The forthcoming upswing in prices came following series of rollbacks that Filipino consumers enjoyed in the previous weeks due to softening of prices in the world market.
The oil companies are anticipated to adjust prices by Tuesday, which is the routine they have been adhering to so far in reflecting global cost movements in their pump prices.
Prior to this week’s price escalation, diesel prices in Metro Manila as monitored by the Department of Energy had been at P38.70 to P46.10 per liter; gasoline at P43.45 to P57.81 per liter; and kerosene at P42.25 to P52.05 per liter.
As of Thursday trading in the world market, the price of Dubai crude, which is the benchmark for Asian refiners, sustained upticks as it reverted to the $62 per barrel after falling to the $59 per barrel mark in previous weeks. (Myrna Velasco)
