Manila: Prices of petroleum products may increase by nearly PHP5 per liter next week, a Department of Energy (DOE) official said Friday. In a Bagong Pilipinas interview, DOE - Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad said the increases will range from PHP2.50 to PHP3.00 per liter for gasoline, PHP4.30 to PHP4.80 per liter for diesel, and PHP4.25 to PHP4.40 per liter for kerosene.

According to Philippines News Agency, the world price of crude oil increased to USD86.6 per barrel on Thursday from USD83 on Monday. "Unfortunately, for next week, iyong apat na trading days ngayon, Monday to Thursday, mayroon na ho tayong pag-i-increase na aabot ho ng (the four trading days now, Monday to Thursday, we already have an increase of) almost PHP3 pesos per liter for gasoline and more than PHP4 pesos for diesel and kerosene," Abad said.

While the Philippines does not import oil directly from Iran, which is currently locked in an armed conflict with Israel, suppliers may be sourcing their oil from the said country. The agency monitors the country's refiners and direct importers on a weekly basis to check any report of supply disruption.

Abad mentioned that, "Last week, may nakausap po tayo specifically iyong Petron, iyong Unioil for example, wala po ngayong narereport sa kanila (we spoke with Petron, Unioil for example, nothing was reported to them)." He also stated, "Ngayong araw nagka-usap din tayo sa LPG sector naman, wala hong reported na anggulo or situation na na-i-experience nila na mayroong supply disruption (We spoke with the liquefied petroleum gas sector today and no supply disruption was reported)."

Abad assured the public that the DOE will continue to meet with individual oil companies Wednesday to Friday next week to discuss the inventory and discount program.