MANILA, Philippines, May 29 ----- Gasoline prices are expected to increase for a third consecutive week once oil companies implement their adjustments next Tuesday.
Cleanfuel said running trend showed a possible P1 per liter hike in the price of gasoline next week, while an oil industry source estimated the potential upward adjustment for the product to range between P1.10 to P1.20 per liter. For his part, Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad, in an interview with dzBB yesterday, said the potential jump in gasoline prices could be more or less P1 per liter.
Abad said diesel and kerosene prices, meanwhile, could see either an upward or downward adjustment, depending on the results of the final trading day. But based on estimates on the first four trading days of the week, diesel prices could see no movement to a possible hike of P0.10 per liter, according to the oil industry source, while Cleanfuel sees a slight P0.03 per liter rollback for the product.
The final pump price movements will be announced by oil companies on Monday, which will take effect the next day. Diesel and gasoline prices have gone up for two successive weeks. Oil firms last Tuesday raised gasoline prices by P0.80 per liter and diesel by P0.60 per liter, while reducing kerosene by P0.10 per liter.
The adjustments resulted to a year-to-date net decrease of P5.05 per liter for diesel and P6.40 per liter for kerosene, data from the DOE showed. Gasoline, on the other hand, has a year-to-date net increase of P5 per liter
Source: philstar.com
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