Oil prices to increase slightly

MANILA, Philippines — Oil prices are seen to slightly increase again this week.

In its forecast, Unioil said motorists should expect an increase in prices this week.

“Diesel should go up by P0.20 to P0.25 and gasoline should go up by P0.30 to P0.40,” it said.

In the past trading week, global oil prices slight rose as the US reported a smaller than expected rise in crude stocks. However, prices were capped for the week as the market grappled with the potential impact of the coronavirus on demand, Reuters reported.

Last week, oil companies raised the prices of gasoline by P0.35 per liter while diesel and kerosene prices were decreased by P0.10 per liter.

This brought year-to-date adjustments to stand at a net decrease of P2.80 per liter for gasoline, P4.60 per liter for diesel and P5.94 per liter for kerosene.