MANILA – Diesel prices will go up by at least P6 per liter on Tuesday, after it dropped for five straight weeks, a rate higher than industry estimates.

• Diesel may inaasahang P4 bigtime oil price hike sa susunod na linggo

Diesel prices will increase by P6 to P6.20 per liter, while gasoline prices will bump up by as much as P1.20 to P1.40 per liter.

Meanwhile, kerosene prices will increase by P3.50 to P3.70 per liter.

The Department of Energy explained that this is due to OPEC+'s decision to cut oil production by 2 million barrels per day.

"Nag-react na ang market even before Wednesday. Nagsimula nang tumaas e alam na nilang may parating na ganyang desisyon," Energy director Rino Abad said.

Industry experts earlier estimated a P4/liter price hike for imported diesel, P0.65 for gasoline, and more than P2 for kerosene.

Leo Bellas, president of Jetti Petroleum, earlier suggested that the figures may even increase.

"Malaki po ang posibilidad na tumaas pa yan dahil po sa sinasabi nating premium lalo na po ngayon dahil sa desisyon ng OPEC baka lalong tumaas ang risk premium at freight na ang kalalabasan ay talagang mas mataas," Bellas said.

Oil prices had dropped for five straight weeks, as the global economy reeled from the effects of recession.

In four weeks of consecutive oil price rollbacks, from September 6 to October 7, diesel prices were cut by as much as P8.85 per liter. The increase is expected to erase at least P6 from that value.

Gasoline prices and kerosene prices had net decreases of P5.10 and P9.95 respectively. – With reports by Alvin Elchico, ABS-CBN News