Oil price hike expected on last week of May

MANILA, Philippines — Oil firms are expected to implement an increase on pump prices on May 28.

Based on the latest four-day trading prices, the Department of Energy announced on Friday that motorists could face an uptick in gasoline prices of up to P0.65 per liter. Diesel prices may climb by a maximum of P0.55 per liter.

Kerosene prices, meanwhile, is also expected to increase by up to P0.60 per liter.

Last week, oil companies implemented mixed adjustment in oil prices.

Diesel prices have increased by P0.25, while kerosene prices have increased by P0.30.

Gasoline prices, on the other hand, had a price rollback of P0.10 per liter.

Final price adjustments next week will be announced by oil firms on Monday and would be implemented by Tuesday next week.