Motorists can expect a significant increase in pump prices of petroleum this week following the slight rollback implemented by firms last Tuesday.
In its fuel price forecast for the coming week, Unioil Petroleum Philippines Inc. expects diesel prices to increase by P3.90 to P4.00 per liter and gasoline by P4.00 to P4.20 per liter.
Firms regularly announce weekly price adjustments on Mondays, which are then implemented on the following day.
Local firms last week cut down prices per liter of gasoline by P0.65, diesel by P1.15, and kerosene by P1.15.
The latest data from the Department of Energy show that year-to-date adjustments stand at a net increase of P15.45 per liter for gasoline, P27.35 per liter for diesel, and P21.55 per liter for kerosene.
According to industry insiders, the failure to keep up with the supply because of the oil embargo in Russia is a factor.
Most oil price increases have been attributed to the conflict between Ukraine and Russia, with both sides still at a deadlock in peace talks.
