Hefty oil price hike seen this week

MANILA, Philippines — Oil companies are expected to implement a hefty increase on gasoline prices and a minimal hike on diesel this week.

In its advisory, Unioil Philippines forecasted higher diesel and gasoline prices. “Diesel should go up by P0.30 to P0.40 and gasoline should go up by P1.30 to P1.40 per liter.”

This would be the fifth consecutive week that gasoline prices will be increased.

During the past trading week, oil prices continued to rise on the back of production cuts of the Organization of Petroleum Exporting Countries (OPEC).

More planned cuts to Saudi exports and a lower forecast for US crude output also propped up global crude prices.

Last week, local oil firms raised gasoline prices by P0.90 per liter.