Following five weeks of price cuts at the pump for diesel and kerosene, and two weeks for gasoline, retail prices of petroleum products are projected to rise in the following week.

“May indikasyon na mukhang magkakaroon ng increase next week (There’s an indication that there will be a price increase next week),” Oil Industry Management Bureau Director Rino Abad said at a public briefing on Friday on state-run PTV.

According to Abad, based on recent oil trade, the price of diesel per liter may rise by more than P4, while gasoline may rise by less than P1 per liter. According to the energy authority, the estimated price increase might be more than P2 per liter. According to an oil industry source, diesel prices might climb by P4.40 to P4.70 per liter, while gasoline prices could rise by P0.40 to P0.70 per liter.

Abad mentioned the OPEC (Organization of Petroleum Exporting Countries) Plus coalition’s agreement to limit oil output by 2 million barrels in support of decreasing oil prices owing to the US’s aggressive interest rate rises as the primary reason for the predicted price increase.

Every Monday, oil firms announce price changes that will go into effect the following day. On October 4, fuel companies reduced gasoline prices by P0.40 per liter, diesel prices by P0.45 per liter, and kerosene prices by P0.85 per liter.

The most recent price changes resulted in a net rise of P14.45 per liter for gasoline, P28.95 per liter for diesel, and P23.25 per liter for kerosene year to date.

According to data from the Department of Energy, the price of gasoline per liter in Quezon City, Metro Manila’s largest city, ranges from P60.70 to P71.05 per liter; diesel prices range from P69.60 to P74.25 per liter in Makati City, the country’s top financial hub; and kerosene prices range from P73.76 to P83 per liter in the Philippine capital Manila.