Oil prices increases are expected to set beginning on Tuesday after about a month of continues decline due to the effect of COVID-19 pandemic that marks the business graph drops because people were just staying at home.

The big price increase is set to start between May 12, 2020 and May 18, 2020 according to the advisory of Unioil Petroleum Philippines Inc. which was published on Saturday noting that Diesel increase by more than P2.00 per liter and gasoline also increase not less than P2.00 per liter.

Another news report published on Sunday hinting that the price of diesel was projected to increase by P1.80 to P2.00 per liter and gasoline by P2.00 to P2.10 per liter according to the Mean of Platts Singapore (MOPS) trading average since the month of May 4 to 7, 2020.

MOPS shows the daily average of all trading transactions of fuel including diesel and gasoline. It assessed and summarized based on the ‘Standard and Poor‘s Platts’ which is the basis of Philippine fuel distribution to set price increase based on the set standard.

Report also said that the estimate increases would not include the results of crude oil trading last Friday and the newly imposed additional 10% import duty on crude oil and refined petroleum products.

Last week, oil companies raised the price of gasoline by 75 centavos per liter but slashed prices of diesel and kerosene by 10 centavos per liter and 60 centavos per liter, respectively.

Summing up this year fuel prices, it shows a net decrease of P14.52 per liter for gasoline, P16.99 per liter for diesel and P22.50 per liter for kerosene, based on the Department of Energy’s weekly monitoring figures.