OIL prices are expected to increase by nearly P3 per liter starting tomorrow.
According to industry estimates, gasoline prices are seen to rise by around P2.50 to P2.80 per liter while diesel prices will increase by P1.50 to P1.80 per liter.
Kerosene prices, meanwhile, will go up by P1.80 to P2.10 per liter.
“For the four-day trading (April 3 to 6), all products will increase on Tuesday (April 11),” Oil Industry Management Bureau assistant director Rodela Romero said. Romero added the announcement of oil producing countries to cut production was the main factor for the expected fuel price hike this week.
“Generally, the announcement of OPEC+ to cut production of about 1.16 million barrels per day, that will contribute to supply tightness bringing fears to traders,” Romero added.
Fuel firms usually announce price adjustments every Monday, to be implemented on the following day.
Last week, effective April 3, oil companies raised the per liter prices of gasoline by P1.40, diesel by P0.50, and kerosene by P0.50. (GMA Integrated News)
