Hefty oil price hike seen this week

MANILA, Philippines — Oil prices would be raised by more than P1 per liter this week.

Unioil Philippines said in its forecast that motorists should expect another round of fuel price increases this week.

“Diesel should increase by P1.00 to P1.10 per liter. Gasoline should increase by P1.10 to P1.20 per liter,” it said.

Global oil prices surged before losing steam at the close of the past trading week due to the temporary supply disruptions in the US caused by the cold snap in Texas, the country’s largest energy-producing state, based on a report by Reuters.

Last week, local oil players raised gasoline prices by P0.75 per liter, diesel prices by P1.25 per liter and kerosene prices by P1.10 per liter.

These price movements brought year-to-date adjustments to stand at a net increase of P3.25 per liter for gasoline, P2.65 per liter for diesel and P2.25 per liter for kerosene.