MANILA -- Another round of oil price hike looms in the first week of August as imported fuel prices continue to be soar in the world market.

Jetti Petroleum president Leo Bellas said after the first 3 trading days, gasoline prices were up by P0.41 per liter, diesel by P0.13/L and kerosene by P0.02/L.

Bellas said he sees a minimal price increase next week, lower than the hike in the last week of June.

Hefty oil price hike set for Tuesday, June 25

According to Bellas, the main factor for next week's potential price increase is still the Middle East conflict between Israel and its nemesis Hamas and Hezbollah of Lebanon.

LPG PRICES UP TOO? 

LPG prices are likely to remain the same or see a slight increase of about P0.50/kilo on July 1, Monday.

Regasco president Arnel Ty said the main reason for the price uptick is also the Middle East conflict causing worries in the market due to possible supply disruptions.

DILAPIDATED LPG TANKS

Ty, who is also the president of LPG Marketers Association, reminded consumers to exchange dilapidated LPG cylinders for new ones as the deadline for confiscation of substandard tanks nears.

Under the law, dilapidated and unsafe tanks should be confiscated by October this year, 3 years from the effectivity of the LPG Industry Regulations Act.

Dilapidated or substandard LPG tanks include those with no visible brand and permanent marking and are full of rust.

Ty said a consumer can exchange these tanks at their nearest dealer at no cost.

The LPGMA reminded consumers that substandard cylinders pose safety concerns for consumers such as leaking and other accidents.