Metro Manila (CNN Philippines, February 20) — Oil firms are expected to impose hefty price increases in fuel products next week, Unioil Petroleum Philippines said Saturday.
In a forecast on fuel prices for the February 23 to March 1 trading week, Unioil said the price of diesel is expected to increase by ₱1.00 to ₱1.10 per liter.
The retail price for gasoline, on the other hand, may go up by ₱1.10 to ₱1.20 per liter.
Oil companies usually announce price adjustments every Monday and implement them the following day.
Last February 16, the firms implemented a upward price adjustments. The price of diesel increased by an average of P1.25 per liter, and gasoline by P0.75 per liter.
Data from the Department of Energy showed that as of February 16 diesel prices ranged between ₱31.30 and ₱38.80 per liter, while gasoline prices ranged from ₱38.85 to ₱50.70 per liter.
Since the start of the year, there has been a net increase of ₱4.00 per liter for gasoline, and ₱3.90 per liter for diesel.
