Domestic fuel pump prices are likely to go up by around P1.50 to P1.60 per liter for gasoline and kerosene and P0.90 to P1 per liter of diesel next week, reflecting the movement of prices in the world oil market, an industry source said Friday.
The source said the indicative movement on pump prices next week was computed for the first four-day trading based on the Mean of Platts Singapore, the benchmark used by oil importers and foreign exchange average week-on-week.
The Department of Energy confirmed the possible increase in prices—for the third week in a row this year—of more than P1 per liter for gasoline and kerosene and less than P1 for diesel.
“Hopefully the remaining day of trading, Friday, would help to lessen the increase,” DOE director for the Oil Industry Management Bureau Rodela Romero said.
Romero said increased economic recovery fueled demand in China.
World oil prices have been going up in the past week on bullish sentiment about Chinese demand growth and easing US recession fears.
On January 24, the oil companies implemented a per liter increase in gasoline by P2.80, diesel by P2.25, and kerosene by P2.40.
These resulted in a total net increase this year to stand at P5.90 per liter for gasoline, P2.05 per liter for diesel, and P3.20 per liter for kerosene.