Consumers should expect “big time” oil price increases this week, the second for July after a series of rollbacks in June, an energy official said on Sunday.
“Based on our monitoring of the international price movements from Monday to Thursday, the estimated increase this week is more than P1 for diesel and kerosene. Gasoline will also increase but a little less than P1,” Melita V. Obillo, officer-in-charge of the Oil Industry Management Bureau (OIMB) of the Department of Energy (DoE) told the Manila Times in a text message.
“This is due to the increase in demand by the US due to the driving season, and China and the devaluation of the peso,” Obillo said.
Last week, oil companies raised the prices for diesel and gasoline by P0.70 and P0.30 centavos per liter respectively, while kerosene increased by P0.55 centavos per liter.
The latest price changes were caused by the average price movements for the previous five trading days in the global market. VOLTAIRE PALANA