Pump prices may go up by more than P3/liter next week

by Alvin Elchico, ABS-CBN News

Posted at Aug 17 2012 06:07 PM | Updated as of Aug 18 2012 08:15 PM

MANILA, Philippines - Oil companies are set to raise pump prices of gasoline by more than P3 per liter next week.

This comes after oil companies put off raising prices in calamity-hit areas in Metro Manila and nearby provinces this week.

"Tataas yan next week, di naman talagang bawi kasi meron na silang lost opportunity," Energy Secretary Jose Rene Almendras said.

Prices of imported petroleum continued to increase this week. From Monday to Thursday, there was a P1.40/liter increase in gasoline, and P1.30/liter increase in diesel.

Since oil companies put off increasing gasoline prices by P1.80 last week in Metro Manila, this means prices will likely increase by more than P3. For diesel, prices are expected to increase by P2.80.

Transport groups were dismayed by the looming oil price hike, since this will bring diesel prices to more than P44/liter.

"Wala na kaming choice kundi ipilit ang P10 pasahe sa jeep," Pasang Masda president Roberto Martin said. - Report from Alvin Elchico, ABS-CBN News