Big oil price hike expected this week

by Alvin Elchico, ABS-CBN News

Posted at Jul 11 2011 06:09 PM | Updated as of Jul 12 2011 07:57 PM

MANILA, Philippines - Motorists should brace for big increases in pump prices this week, the Department of Energy said, citing the continued rise in international oil prices.

The price hikes have been estimated at P2 per liter for gasoline and over 80 centavos per liter for diesel.

As expected, transport groups are angry over the news.

They are planning to file a petition for fare hike for public utility vehicles.

"Ang problema, regulated ang fare hike, ang petrolyo deregulated kaya taas lang nang taas," Lando Marquez of 1-UTAK complained.

Right now, diesel sells at P43 per liter, while gasoline costs between P53 and P54 per liter.

Since January, gasoline prices have gone up by a total of P5.65 per liter, and diesel by nearly P5 per liter.

Fuel retailers are expected to announce their price adjustments soon.