Oil price hike seen this week

MANILA, Philippines — Fuel prices are expected to increase this week, Unioil Petroleum Philippines said in a forecast yesterday. 

The price of diesel is forecast to inch up by P0.75 to P0.85 per liter while gasoline prices are expected to go up by P0.70 to P0.80 per liter, according to Unioil.

Last week, oil companies implemented a P0.10 increase in gasoline prices.

Should the increase push through this week, this will be the fourth consecutive week of price hikes from oil companies.

The benchmark Brent crude futures declined three percent Friday to $72.15 a barrel, according to a report by Reuters.

On a weekly basis, Brent ended flat after rallying for four weeks in a row.