Oil companies warned of possible further increases in pump prices this week after the U.S. initiated air strikes against Iran.
“World oil prices could rise further because of the new development. The potential increase in premium and freight, which are projected to rise because of the expanded scope of hostilities, could be factored in the expected movement on domestic prices next week,” Jetti Petroleum president Leo Bellas said.
The oil companies earlier estimated an oil price hike of P4.90 to P5.10 per liter for diesel and P3.20 to P3.40 per liter for gasoline.
“We will know the effects on the freight and premium as soon as trading commences early tomorrow (Monday) morning,” Bellas said.
The oil companies are expected to meet with the Department of Energy on Monday to discuss the possibility of a staggered implementation of the oil price hike and more discounts to mitigate the impact to consumers.
The expected more than P5 per liter increase is the highest oil price hike implemented this year amid the ongoing Middle East crisis.
