MANILA, Philippines — Should the public brace for “bigtime” price hikes on petroleum products this week?

This question was posed to consumers after it was reported that the international prices of gasoline and diesel went up last week, a movement that would consequently be reflected on domestic prices this week.

“As of last Saturday, the projected increase is P2 (per liter) for gasoline and P1.50 for diesel,” a source from the local oil industry said Monday. The same source, who requested anonymity, added that the price hike “could be officially announced late Monday, taking effect Tuesday.”

The impending hike would further raise the net increase of gasoline and diesel this year, which, according to the Department of Energy (DoE), stands at P5.22 per liter and P4.80 per liter, respectively.

In Metro Manila, prices of gasoline (unleaded) stands at an average of P53 per liter while diesel stands at P43 per liter. Kerosene is at P53 per liter.

Oil companies are actually coming off back-to-back price rollbacks on their pump products.

Last July 3, major and independent oil firms slashed prices of gasoline, diesel and kerosene by P0.50 per liter.

Consumers were gifted with significant rollbacks on pump prices the weekend before this, as diesel was reduced by P1.75 per liter, kerosene by P2 per liter and gasoline by P0.75 per liter.