Big-time oil price hike seen this week
MANILA, Philippines — Pump prices are expected to increase for the third consecutive week as global crude prices continue to soar. In an advisory, Unioil Philippines said consumers should load up accordingly as it has forecasted another round of fuel price hike next week.
“Diesel should go up by P1.40 to P1.50 and Gasoline should go up by P1.30 to P1.40 per liter,” it said.
Reuters reported that oil prices on Friday reached their highest since mid-November on hopes that the US and China will conclude a trade deal.
This is also the second week that international oil prices posted weekly gains.
The report said Brent crude briefly touched $67.73 a barrel, its highest this year, before settling at $67.12 per barrel.
US and Chinese trade negotiators are targeting to reach a deal by the March 1 deadline.
Last week, local oil firms raised gasoline and diesel prices by P0.70 per liter, and kerosene by P0.35 per liter.
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