MANILA (UPDATE) - Bad news, Kapamilya. There will be another round of pump price increases ahead of the Holy Week break, according to the Department of Energy.

Rodela Romero, Director III of the Oil Industry Management Bureau, said the following oil price hikes are likely based on 4 days of trading on the Mean of Platts Singapore.

Gasoline – P1.90 to P2.10 per liter

Diesel – P1.35 to P1.50 per liter

Kerosene – P1.40 to P1.50 per liter

"Nakakalungkot na sa darating na Martes, magkakaroon po ng pagtaas sa presyo ng mga produktong petrolyo...Sa mga nakaraang linggo ito na 'yung pinakamataas," she said in a TeleRadyo Serbisyo interview. 

Romero said speculation on the impact of Ukraine's attack on 3 large oil refineries in Russia was among the factors driving up pump prices. "Baka lumala 'yung sitwasyon at maapektuhan 'yung supply sa region," she said. 

Other factors include a drop in Iraq crude exports, a lowering of the US fuel stockpile, and higher fuel demand from China.

The expected price increase negates the 3 consecutive rollbacks for diesel.

HIGHER BIOFUEL BLEND

Meanwhile, the DOE is set to issue the department order that will mandate the increase in coco methyl ester or biodiesel content in diesel from the current 2 to 5 percent within three years.

That means an additional 1 percent this year, 1 percent in 2025 and another 1 percent in 2026.

The same order will also authorize the voluntary increase in ethanol content for gasoline from the current 10 percent to 20 percent this year.

Oil firms have until October 2024 to comply with the mandatory biodiesel increase while petroleum companies can start the higher ethanol content anytime after the formal order is issued.

DOE Director Rino Abad assures motorists that using diesel with higher bio-diesel content will have no negative effects on the diesel-run engine of their vehicles.

For gasoline-fed engines, abad advises motorists to read their car manual to check if it's compatible with the E-20 gasoline.

Abad said many oil companies have agreed to set separate pumps for E-20 gasoline, especially since ethanol is currently cheaper than gasoline, so the overall price of E-20 will be lower than E-10 gasoline.