Gasoline, diesel prices likely to increase again on Jan 31

A bit a bad news for motorists:  prices of petroleum products may rise by 60 centavos to P1.40 per liter on Tuesday next week, an industry source said.

The pump price of diesel may go up by 60 to 80 centavos per liter while that of gasoline may increase by P1.20 to P1.40 per liter, according to the source.

Cleanfuel is expected to increase its diesel price by 70 centavos and gasoline, by P1.20 per liter.

The source made the estimate based on the four-day average prices in the global market   from Jan. 23 to 26.

In the previous week, the price of gasoline was raised by P2.80 per liter; diesel, by P2.25 per liter, and kerosene, by P2.40 per liter.

This brought the net increase so far this year to P5.90 per liter for gasoline, P2.05 per liter for diesel and P3.20 per liter for kerosene, based on the Department of Energy’s price monitoring.

Oil companies announce adjustments in the prices of fuel products every Monday.