MANILA, Philippines - Motorists will see a considerable spike in prices of petroleum products this week.
Industry sources said diesel and gasoline prices may increase by P1.25 to P1.40 per liter. The increase, however, may be tempered to P1.00 to P1.25 per liter due to the appreciation of the peso against the US dollar.
Energy Secretary Jose Rene Almendras asked motorists to brace for further price increases, citing the upward trend of oil prices in the world market.
Liquefied petroleum gas (LPG) prices are also up.
Petron already implemented a P0.50 per kilo increase in LPG prices over the weekend.
LPG Marketers Association president Arnel Ty said others may follow suit.