Oil prices up this week

MANILA, Philippines - Oil prices are expected to go up again this week as local petroleum players track movements in the global crude market, industry sources said yesterday.

The price of diesel is expected to increase by P1.10 per liter. Gasoline prices, on the other hand, are projected to go up by 30 to 50 centavos per liter.

Oil companies are likely to announce their respective adjustments today, marking the first price hike for the month of December.

Liquigaz yesterday raised the prices of liquefied petroleum gas by P13 per kilogram, or P143 for every tank of LPG.

If the expected oil price hike pushes through, the price of gasoline will climb to P55.05 per liter while diesel prices will go up to P45.75 per liter.

The Department of Energy, meanwhile, called on oil companies to stabilize supply in areas affected by the recent calamities by facilitating the resumption of operations of gas stations.

It is closely monitoring adjustments implemented by oil firms, including the increase in LPG prices to ensure that these are within the movements in the international market.