Gas prices to go up this week

MANILA, Philippines — Motorists can expect higher fuel prices this week.

Unioil Philippines said an increase is expected on pump products.

“Diesel should go up by P0.10 to P0.15 and gasoline by P0.15 to P0.25 per liter,” it said.

The price increase will come a week after oil firms implemented minimal price cuts on fuel products.

During the first few days of the trading week, the Brent crude touched $69 a barrel – hovering near $70 per barrel – on the back of continued supply cuts from the Organization of Petroleum Exporting Countries and US sanctions against Iran and Venezuela.

Oil prices slipped by mid-week but were able to bounce back and climb to over $70 per barrel at the end of the trading period due to a strong US jobs data, which tempered fears about weakening global crude oil demand and concerns over tightening supply because of the escalating conflict in Libya.

Last week, local oil firms reduced gasoline prices by P0.10 per liter, diesel by P0.30 and kerosene by P0.20 per liter.