OIL firms are expected to raise their pump prices by more than P1 per liter starting next week.

“There will be price increases in gasoline, diesel, and kerosene for next week, Tuesday, February 20,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

Romero said that this is based on the oil industry estimates on trading in the past four days.

“Estimated adjustment ranges from P1.10 to P1.50 [per liter],” Romero said.

Romero said that among the expected oil price hike is due to the following developments: Middle East conflict intensifies at the Lebanese border; US crude stockpiles surge; Disruption of shipping in the Red Sea and Suez Canal; and the OPEC forecast of strong demand for 2024.

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