Expect another round of fuel price hikes next week.

Thus, declared the country’s “Big Three” oil firms Pilipinas Shell, Petron Corp., and Chevron Philippines as well as smaller oil companies in the face of public criticism regarding their recent, “ill-timed” price increases.

Representatives of the petroleum importers and sellers, in a meeting with Energy Secretary Angelo Reyes at the Department of Energy (DoE) office at The Fort in Taguig City Wednesday, said that they had to raise pump prices because of rising product costs.

Gasoline went up by $4 a barrel while diesel was jacked up by $6 a barrel this month, the oil firms said citing world market prices.

In the domestic scene, the past two weeks saw an accumulated P2.25 increase for diesel; P1.50 for gasoline, and P1.75 for kerosene.

Next week’s impeding adjustment would mark the third hike on pump in as many weeks.

The Big Three currently peddle diesel at an average of P29 a liter; unleaded gasoline at P37.75 a liter and kerosene at P38.50. Meanwhile, smaller oil firms sell diesel at P28 a liter; unleaded by P37 and kerosene by P37.

Apparently satisfied by the oil executives’ explanation, Reyes said the price add-ons were “justified” as duly reflecting the price surge in the world market.