Consumers can expect a hefty oil price increase of as much as P1.10 per liter effective Tuesday to reflect the movement of prices in the world market.
Unioil Philippines forecasts diesel will go up by P1 to P1.15 per liter and gasoline by P0.75 to P0.85 per liter.
“Expect fuel prices to go up next week (February 9 to 15). Diesel should increase by P1.00 to P1.10 per liter. Gasoline should increase by P0.75 to P0.85 per liter,” the company said in its weekly advisory.
World oil prices last week were buoyed by supply curbs implemented by the Organization of Petroleum Exporting Countries and its allies to help cut the supply surplus due to the COVID-19 pandemic.
Analysts also believe global economic recovery is underway as the world oil prices have reached their bottom, supply is kept in check by the OPEC countries and their allies, while investors have remained keen on infusing funds to the US oil sector.
The continuing rollout of the vaccines especially in the US have also helped boost optimism on world oil prices.
The oil companies adjusted pump prices on February 2 by P0.25 per liter for gasoline and P0.25 per liter for kerosene, but did not move diesel prices.
These resulted in the year-to-date adjustments to stand at a net increase of P2.40 per liter of gasoline and P1.25 per liter of kerosene. Diesel showed a net increase of P1.55 per liter, according to the Department of Energy.
