Pump prices of diesel, gasoline rising anew

Another increase in the pump prices of petroleum products is expected on Tuesday. An oil industry source expects the price of diesel to climb by 60 to 80 centavos per liter and gasoline by P1.20 to P1.40 per liter. Unioil said diesel will increase by 80 centavos to P1 per liter and gasoline by P1.20 to P1.40 per liter. Rino Abad, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said kerosene might go up by more than P1 per liter. Abad said the expected growth of the US economy and the resumption of economic activities in China were the main drivers of the price adjustments next week. Per liter, the price of gasoline was raised by P2.80; diesel by P2.25 per liter and kerosene by P2.40 last week. This brought the net increase so far this year to P5.90 per liter for gasoline, P2.05 per liter for diesel and P3.20 per liter for kerosene, based on the DOE’s price monitoring.