Oil prices to go up this week
MANILA, Philippines — Motorists should brace for a massive fuel price increase next week as global crude prices continued to soar.
A source said diesel prices will increase by P1.90 to P2.15 liter while gasoline will go up by P1.80 to P2 per liter.
In an advisory, Unioil Philippines said motorists should expect fuel prices to go up next week.
“Diesel should increase by more than P2.30 and gasoline should increase by more than P1.90 a liter,” it said.
This would be the fourth week gasoline prices would be increased, and the third week of price hikes for diesel and kerosene.
Global oil prices registered their fourth straight week of gains last week.
Boosting prices is the decline in US crude inventories, which eased concern about a supply glut, Reuters reported.
Meanwhile, rising fuel demand evidenced by countries easing business and social restrictions that were imposed to counter the coronavirus pandemic also propped up prices, according to Reuters.
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