Department of Energy (DOE) announced another round of bigtime price hike on petroleum products next week April 29.

Assistant Director Rodela Romero, Department of Energy-Oil Industry Management Bureau, said based on the monitoring in the international oil market, we will expect an increase in the prices of petroleum products by next week.

The estimated upward adjustments are as follows:

Gasoline – P0.80 to P1.40 per liter

Diesel – P0.40 to P1.00 per liter

Kerosene – P0.50 to P0.70 per liter

Romero cited the following developments in the recent international scene which affected fuel price movements:

Fresh US sanctions on Iran’s oil shipping network tighten global crude supply

A sharper-than-expected decline in US crude inventories

“Final adjustment will be determined after today’s trading and oil companies inputs on their related costs,” Romero said.

Oil companies announce official price adjustments every Monday, to be implemented on the following day.

The latest price movements brought the year-to-date total adjustment to stand at a net increase of P2.30 per liter for gasoline and P2.85 per liter for diesel, while kerosene has a year-to-date net decrease of P1.80 per liter.