Pump prices rose for the third month on Tuesday and will continue to increase but at a smaller rate until December, a Department of Energy (DOE) official said Tuesday.

Oil Industry Management Bureau Director Rino Abad expects the oil price hikes to continue until the end of the year due to the Organization of the Petroleum Exporting Countries (OPEC), as well as Russia and Saudi Arabia reducing output.

“We are expecting a price increase because of the remaining tightness towards the end of the year. If you look at the 3 million barrels per day shortage becoming 500,000 barrels per day…the prices will still be high but the rate at which they increase will become smaller and smaller,” Abad told “Bagong Pilipinas Ngayon”.

“All in all, OPEC decreased their production by 3 million barrels per day and 1.66 million per day and the voluntary lessening of production by Saudi Arabia and Russia by 1.3 million barrels per day. What’s worse is that during their ministerial meeting, they said that they would not be doing this until September only. They will continue lessening the production until the end of the year,” he said.

It is the 10th straight week of increasing gas prices and the 11th week for diesel.

Gasoline prices rose by P2 per liter while diesel prices rose by P2.50 per liter. Unleaded gasoline ranges around P60 a liter while diesel fetch P67 a liter. Jaspearl Tan/DMS