HEFTY increases in pump prices await motorists after the long Holy Week break, according to an oil industry source.
Cleanfuel said diesel and kerosene prices are seen rising by more than P1.50 this week, and gasoline prices by more than P2.50.
Oil firms are expected to announce the price hikes tomorrow but the actual adjustments are to take effect the following day.
It was the announcement of Saudi Arabia and other OPEC+ oil producers last week of further reduction in output by 1.16 million barrels per day that sparked the latest hikes in pump prices across the globe.
This week’s forecasted price adjustments will be the second consecutive week of increase for all three petroleum products should they push through.
Oil firms last Tuesday ended a series of rollbacks in the previous weeks, as gasoline prices rose by P1.40 per liter, diesel by P0.50 per liter and kerosene by P0.20 per liter.
These resulted in year-to-date net decrease of P3.65 per liter for diesel and P5.35 per liter for kerosene, based on data from the Department of Energy. Gasoline, on the other hand, posted a year-to-date net increase of P6.05 per liter. (Richmond Mercurio – The Philippine Star )
