Consumers will need to allot more cash for their fuel budgets this week, as the price of gasoline products will rise again by P0.60 per liter this week; while diesel will increase slightly by P0.10 per liter.

The oil companies advised though that the price of kerosene will be on a marginal rollback of P0.05 per liter -- considerably a relief for that commodity from the series of upward adjustments last month.

As of this writing, the oil companies that already sent notices on their price adjustments had been Cleanfuel, Seaoil, PetroGazz, Chevron and PTT Philippines; while the rest of the industry players had been anticipated to follow.

All the oil companies implemented uniform adjustments for gasoline, diesel and kerosene prices; except for Cleanfuel which advised that there will be “no change” on its diesel product prices this week.

There had been mixed signals in the international market last week – that while there had been no ‘firm decision’ yet on the targeted output hike of the global oil producers; there are also anticipations of possible ‘near term’ slowdown in demand if the Delta variant of the coronavirus will trigger new rise of infections in various parts of the world.

In the Philippine oil industry, aside from the surging prices of oil in the global market; the escalating value of the US dollar versus the local currency is also closely monitored because these two factors will weigh heavily on how local pump prices will be determined in the coming weeks and months.