Industry players estimated that diesel prices will increase by P1.05 to P1.20 per liter while kerosene will go up by P0.10 to P0.20 per liter due to the combined impact of international price swings as well as the falling value of the Philippine peso versus the US dollar,
The domestic market keenly monitored the movement of international oil prices in last week’s trading, as well as the fluctuation of the foreign exchange rate; wherein the peso hovered just a shy away from P55 to the greenback. Prior to the next round of adjustment, DOE’s monitoring report showed that price movements since the start of the year still incurred net increases of P44.25 per liter for diesel; P39.65 per liter for kerosene; and P29.50 per liter for gasoline.
Globally, benchmark Brent crude was almost steady last week at $112 per barrel level; but experts have been projecting continued turbulence in oil markets, hence, there are no certainties that the downtrend in prices will be sustained in the weeks ahead.
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