Local pump prices will increase anew this week to reflect the movement of prices in the international market.
According to oil industry players, the price of gasoline will increase by P0.25 per liter, diesel by P0.20 and kerosene by P0.10 a liter.
The fuel price increase will take effect on Tuesday (April 9).
Last week, the country’s oil firms slashed the price of diesel by P0.30 per liter, kerosene by P0.20 and gasoline by P0.10 a liter.
The rollback put an end to the seven straight weeks of oil price increase.
Based on the monitoring of the Department of Energy (DOE), the current trend of fuel prices is due to the efforts of the Organization of Petroleum Exporting Countries and non-affiliated allies to trim output as well as the plunging Venezuelan output.
Meanwhile, the DOE is still finalizing the rules on the proposal to unbundle local oil prices to promote transparency in the industry.
Under the proposed policy, local oil companies will be required to disclose the breakdown of the costs to determine how they decide on their prices.
DOE said that once the circular is finalized, oil companies will have to submit their weekly data, including the prices in world market, refining, retailing cost, taxes and duties and profit margin. – Robie de Guzman
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