Diesel and kerosene prices are set to increase again next week, according to reports.
Based on the initial four trading days, the indicative price movement for the coming week shows that diesel prices may rise by around P3.50 to P3.60 per liter, while gasoline prices may increase by P0.20 to P0.30 per liter.
Meanwhile, kerosene prices could potentially surge by over P2 per liter.
The continued production cuts in oil production by Saudi Arabia, which have had a bigger impact than the recent interest rate hikes announced by the United States and the European Central Bank, are what experts in the industry attribute to this price hike.
Oil companies are expected to announce the final domestic pump price adjustments on Monday, which will take effect the following day.
If the projected increases go ahead, it will mark the fifth consecutive week of price hikes for diesel and kerosene and the fourth consecutive week for gasoline.