Fuel prices expected to rise this week

by Alvin Elchico, ABS-CBN News

Posted at Feb 18 2013 04:16 PM | Updated as of Feb 19 2013 05:23 PM

MANILA, Philippines - If electricity prices might be affected by Semirara's temporary closure, what is certain this week is that fuel prices are going up again.

Based on industry sources, gasoline is likely to increase by P0.80 to P1.00 per liter while diesel is likely to go up by P0.50 to P0.70 per liter.

Energy Secretary Jericho Petilla admits oil prices are indeed going up but insists that fuel prices are dictated by world oil prices.

"Noong pababa, wala man lang nagpasalamat sakin. Ngayong pataas, lahat nagrereklamo... It has nothing to do with me.... I wish sana ang ekonomiya ng ibang bansa babagsak, parang walang gagamit ng oil... pero di naman pwedeng ganun," Petilla said.

The announcement of an oil price hike is expected tonight or tomorrow. This is already the 4th straight increase in as many weeks.