MANILA, Philippines — Hefty price increases on fuel products are projected this week as global prices reached their highest in a year.
In its forecast, Unioil Philippines said motorist should expect fuel prices to go up this week.
“Diesel should increase by P1.00 to P1.10 per liter. Gasoline should increase by P0.75 to P0.85 per liter,” it said.
In a report, Reuters said oil prices surged last week, with Brent crude ending the trading week at its highest in a year at $60 per barrel, underpinned by hopes of a faster economic revival and the supply curbs by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Last week, local oil players raised gasoline prices by P0.25 per liter but rolled back kerosene prices by P0.25 per liter. There was no movement in diesel prices.
These price movements resulted to the year-to-date adjustments to stand at a net increase of P2.40 per liter for gasoline, P1.25 per liter for diesel and P1.55 per liter for kerosene.