Gas price hikes seen due to sharp increases in global oil rates

LOOMING OIL PRICE HIKES A gasoline attendant works at a gasoline station in Quezon City, suburban Manila on August 2, 2011. Motorists may have to brace for a possible hike in the prices of petroleum products next week due to rise in global oil prices this week, informed sources said Thursday, November 10, 2011. AFP PHOTO/JAY DIRECTO

MANILA, Philippines—Motorists may have to brace for a possible hike in the prices of petroleum products next week, as global oil prices rose sharply in the first three days of this week.

Informed sources told reporters on Thursday that diesel prices might increase by as much as P1.96 per liter and for gasoline, P1.11 a liter next week – an adjustment that would offset the rollback implemented last Sunday.

Petron Corp., Seaoil Philippines, Pilipinas Shell Petroleum Corp., Chevron Philippines and Total Philippines had then cut prices of premium gasoline by P1.50 a liter, of regular gasoline by 70 centavos a liter and of kerosene by 50 centavos a liter. Diesel prices were also slashed by 15 centavos to 25 centavos a liter.

Energy Undersecretary Jose M. Layug Jr., however, said it might be too early to tell the adjustments for next week, because the upward trend might still change in the last two working days of the week (Thursday and Friday).

As of November 8, the year-to-date net increase of gasoline stood at P3.49 per liter, and for diesel, P6.45 per liter.

Diesel prices at present range from P42.60 to P46.19 a liter, and gasoline prices from P49.23 to P56.15.