Tuguegarao City, Cagayan – The Department of Energy and oil firms bared that prices of diesel may climb to P4.70/ liter, gasoline by 70 cents/ liter starting Tuesday next week.
DOE Director Rino Abad said on Friday’s presser that apart from the increases in staple gasoline and diesel fuels, kerosene (often based for airplane fuel) is also seen to climb to P2 per liter.
Abad added that the estimated hikes are sourced from the Singaporean MOPS trading figures from last week, citing that Friday’s trade estimates have not yet been factored in.
MOPS or Mean of Platts is the daily average prices of transactions for refined goods within the Singaporean trade hub, directly affecting the setting of fuel prices in SouthEast Asia, where the Philippines sits.
Big industry players have attributed the worldwide increase of oil prices to the shedding of production by 23 nations exporting the commodity.
Next week’s uptick in prices follows last week’s previous hike of diesel by 45 cents/ liter and gasoline by 40 cents/liter. TNF