Diesel and gasoline products will have an increase ranging from P0.15 to P0.40 per liter to be implemented this week.
Industry experts cite the upward movement in the world market for contributing to this week’s increase.
Diesel prices will go up by P0.15 to P0.20 per liter; gasoline prices will go up from P0.35 to P0.40 per liter as of Thursday, without considering the trading result on Friday.
Oil companies are expected to apply the price adjustments today, June 18, as compliance to the recently issued circular of the Department of Energy.
Volatile oil prices movements were observed by industry watchers due to tensions in the Middle East, namely the recent assault on tankers that took place in the gulf of Oman, as reported in Manila Bulletin.
The incident was said to partly disrupt the supply flow, which triggered the price movement on last week’s Thursday trading.
Prices are seen to stay relatively low despite other factors such as the US-China trade dispute.
An upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) with the Russia-led league of producers to be held on last week of June in Vienna, Austria.
Speculations arise that Russia may no longer agree on production cuts as strategy to lift sagging oil prices that will have a huge effect on oil supply-demand dynamics.