Gas prices are expected to continue to rise in the coming months

More bad news is about to hit the doorstep of commuters and car owners alike as the price of gasoline and diesel are expected to go up again this week. This marks the sixth consecutive week that oil companies have increased the price of their petroleum products due to the continued increase in the price of oil.

According to Unioil Philippines, diesel will increase by P1.10 to P1.20 per liter while gasoline prices are expected to increase by P1 to P1.10 per liter. This marks a significant increase especially in some areas as the price of a liter worth of fuel already exceeds the P70 mark. The increase in gas and diesel prices puts further pressure on car owners and commuters alike as fare hikes could be imminent as well.

Oil prices have not looked good especially on the trading room floor as global prices have surged to a seven-year high. It is also expected that this upward trend in pricing will likely continue into the seventh week of trading and beyond. This is due to the worries about supply disruptions fueled by the US and their ongoing political turmoil among major world producers according to Reuters. The demand for petroleum products has been strong, however, on the supply end, it seems that oil companies are struggling to keep up with it and it is being reflected on the market.

Compared to last year, data from the Department of Energy shows that the year-to-date adjustments stand at a total net increase of P5.70 per liter for gasoline, P7.95 per liter for diesel, and P7.20 per liter for kerosene. From the looks of it, prices for these products will continue to rise well into the year with no decrease yet to be predicted especially with supply problems already making their selves known.