Oil Prices Set for Another Huge Hike in the Philippines This Tuesday

After enjoying two consecutive weeks of fuel price rollbacks, motorists in the Philippines are once again facing a painful increase at the pumps.

International oil trading for the past week ended with a significant increase in the prices of the three major petroleum products, paving the way for another round of fuel price hikes in the country.

With the Philippines still dealing with an ongoing energy crisis, the Department of Energy (DOE) is expected to implement the new adjustments beginning Tuesday. The final figures will be announced on Monday after oil companies finalize their respective price adjustments.

Diesel Could Rise by Up to 6 Pesos Per Liter

Diesel users are expected to take the biggest hit from the upcoming adjustment. Industry estimates currently point to an increase of around 5 to 6 Pesos per liter.

The potential increase comes after international oil prices posted a substantial gain during the latest trading week. If the estimates materialize, diesel prices could quickly erase much of the relief motorists enjoyed from the previous two weeks of rollbacks.

Gasoline May Increase by 3 Pesos Per Liter

Gasoline prices are also expected to move higher, with current estimates placing the increase at around 2 to 3 Pesos per liter.

While the projected increase is smaller compared with diesel, it could still have a noticeable impact on motorists, particularly those who regularly use their vehicles for work and daily transportation.

Kerosene Also Facing Another Increase

Kerosene is not being spared from the latest surge in international oil prices. The product could see an increase of approximately 5 to 6 Pesos per liter once the new adjustments take effect.

The final amount, however, will depend on the official computation and the price adjustments submitted by local oil companies.

Final Prices to Be Announced Monday

The DOE and local oil companies are expected to finalize the new price adjustments on Monday, with the increases scheduled to take effect on Tuesday.

The exact amount of the increase may still change before the official announcement, as the final calculation will depend on the latest international oil prices, exchange-rate movements and other factors used in determining the country’s weekly fuel price adjustments.

Motorists Advised to Gas Up Before Tuesday

With another substantial increase expected, motorists who still have enough room in their fuel tanks may want to consider gassing up before Tuesday’s implementation.

Filling up on Monday could potentially save motorists several pesos per liter, especially if the final adjustment lands near the upper end of the current estimates.

For those who regularly fill up large fuel tanks, the difference could quickly add up.

For now, motorists will have to wait for Monday’s official announcement to know exactly how much fuel prices will increase. But based on the latest international oil market movement, another painful week at Philippine gas stations appears to be ahead.