MANILA -  Oil prices are expected to increase again next week based on the first three days of trading on the world market.

As a result of the intensifying conflict in the Middle East, prices of imported fuels have spiked by more than P2 per liter.

Based on the first three days of trading, prices have already increased by the following amounts:

Diesel       P2.37/L ⬆️

Gasoline   P2.21/L ⬆️

Kerosene  P2.48/L⬆️

Jetti Petroleum President Leo Bellas said international prices may soften in the last trading days but the oil price hike in the Philippines is already a foregone conclusion.

This will be the fourth straight week of oil price hikes for diesel and kerosene and the third straight week for gasoline.

POWER RATES SLIDING?

The National Grid Corporation of the Philippines has announced that the overall transmission charge to electric cooperatives and utilities in Luzon and Mindanao is lower in September versus August.

For Luzon, the reduction is around P0.09 per kilowatt-hour, while for Mindanao, the transmission charge is down by around P0.03/kwh.

However, for the Visayas grid, the NGCP said the transmission charge is up by around P0.29/kwh.

Meralco meanwhile has yet to announce if these rate adjustments will be reflected in the electric bills of customers this month.

Earlier Meralco spokesman Joe Zaldarriaga said that the generation charge, which includes prices at the spot market, was lower in September which will be reflected in the October bills of customers.

Meralco has not yet issued a categorical statement of the reduction but it is set to announce the change in the overall rate Friday.