Oil companies to raise pump prices this week
MANILA, Philippines - Another round of oil price hike looms this week as prices of imported diesel, kerosene and diesel went up last week.
But while Department of Energy director Zenaida Monsada confirms an impending price spike for all oil products, she assures consumers that the upward adjustment will not reach P1/liter.
Industry sources say gasoline prices may increase by as much as P 0.85/liter while diesel will go up by around P0.30-P0.45/liter.
The DOE also did not discount the possibility that fuel prices may again increase during the All Saint's Day weekend but Monsada says it's not deliberate.
According to Monsada, it will depend on the average price of imported fuel before the long weekend prior to November 1.
Meanwhile the DOE is already studying the possibility of increasing the biodiesel content of diesel from the current 2% to 5%.
Monsada has admitted it will mean an additional P0.20/liter but it will also contribute to cleaner air and boost coconut production in countryside. The measure is still being discussed with other government agencies to ensure that there is enough feedstock if the government mandates the 5% biodiel content on diesel products.