Diesel prices may rise again this week

By Alvin Elchico, ABS-CBN News

Posted at Aug 27 2012 04:43 PM | Updated as of Aug 28 2012 04:27 PM

MANILA, Philippines - A fresh round of price increases for diesel is expected anytime this week. This is the seventh price hike for diesel in the last eight weeks.

Since July, diesel prices have already increased by P5.30/liter. The estimated increase for this week is around 50 to 60 centavos/liter for diesel.

On the other hand, after 7 straight weeks of price hikes totalling P8.35, there is an expected rollback of around 50 to 60 centavos/liter.

Militant and transport groups are now demanding for the results of the independent panel that was tasked to investigate oil prices.

The  panel headed by former Budget Secretary Benjamin Diokno earlier said that the results would be out by July but August is almost over and yet no result has been submitted to the Department of Energy.

Bayan Muna Secretary General Renato Reyes Jr. said the results should be revealed now that oil prices are again going up.

However, Diokno declined to be interviewed, saying the results of the probe will be submitted to Energy Secretary Rene Almendras by Friday.

DOE oil management bureau director Zenaida Monsada assured the results of the panel investigation will be presented to the public.

She also admitted pump prices are more expensive in Visayas and Mindanao versus Metro Manila, because it is farther from the source.