Local motorists should brace themselves for higher pump prices in the coming weeks. According to industry sources, petroleum products are expected to increase by as much as P2.60 per liter starting on August 1. Gasoline prices may climb by P1.70 per liter, while diesel prices could spike by P2.60 per liter. Kerosene prices may also see an increase beyond the P2 mark, according to Rino Abad, the director of the Department of Energy’s Oil Industry Management Bureau.
This increase in prices is attributed to the impact of Saudi Arabia’s production cuts and the delayed effects of rate hikes by the US and European Central Bank. This will mark the third consecutive week of price hikes for gasoline and the fourth straight week for diesel and kerosene. Last week, oil companies raised gasoline prices by P1.35 per liter, diesel by 45 centavos per liter, and kerosene by 35 centavos per liter.
However, the Department of Energy noted that there has been a year-to-date net decrease in diesel and kerosene prices, while gasoline prices have seen a net increase.
