MANILA - After 13 weeks of reductions, oil companies are poised to increase prices at the pump by at least a peso, according to the head of the country's group of small retailers.
Fernando L. Martinez, chairman of the Independent Philippine Petroleum Companies Association, said prices could go up "a little over a peso for all products."
So far this year, prices have fallen P3.92 a liter for gasoline, and by P5.06 for diesel.
In Metro Manila, diesel retails for between P37.20 and P39.95 per liter, while gasoline, P43.65 to P51.27.
Industry players said EU sanctions against Iran, which took effect July 1, could reverse the dip in prices, pushing them higher over the next few months.
The embargo stemmed from Iran's nuclear program, which Tehran insists as solely for peaceful purposes.
Besides the oil embargo, the week-on-week 14-centavo depreciation of the peso against the dollar from P42.27 two weeks ago to P42.41 last week is also expected to contribute to the projected increase in pump prices this week.
source: interaksyon.com
