Oil companies are expected to increase diesel price this week, while gasoline price will continue to drop.
Fernando Martinez, Eastern Petroleum chairman and chief executive officer, on Sunday said the adjustment is driven by weakening of the peso and rising prices of diesel in the world market.
He said diesel price is expected to increase by 50 centavos per liter while gasoline price might go down by a few centavos.
“With peso weakening and slight uptake [in global diesel prices], diesel [price]may increase by 50 centavos but gasoline [price will be rolled]back by few cen¬tavos,” Martinez added.
Last week, oil firms slashed diesel and gasoline prices by 45 centavos per liter and kerosene by P1 per liter.
This will be the ninth consecutive week that gasoline prices will go down.
Martinez attributed this to oversupply and downward trend in world oil prices.