Gas prices set to go up
MANILA, Philippines — Another oil price increase is expected this week as global crude prices jumped to its highest this year.
In an advisory, Unioil Philippines forecasted another round of fuel price hikes.
“Diesel should go up by P0.50 to P0.60 (per liter) and gasoline should go up by P0.40 to P0.50 per liter,” it said.
During last week’s trading, international oil prices started flat until top exporter Saudi Arabia announced mid-week that it plans to cut exports and further slash production, Reuters reported.
Brent crude prices rose steadily, closing the week at over $65 per barrel, its highest level this year.
Pushing international prices higher are the US sanctions against Venezuela and Iran.
The projected oil price hike this week follows last week’s pump price increase implemented by oil firms – gasoline prices at P0.90 per liter, diesel at P0.55 per liter and kerosene at P0.85 per liter.
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