Oil price hike seen this week

MANILA, Philippines — Another round of oil price hikes will greet motorists this week.

In its forecast, Unioil Philippines said both gasoline and diesel prices would increase by P0.70 to P0.80 per liter next week.

In the past trading week, global oil prices rose to multi-year highs on Wednesday on expectations that demand would recover in the second half of the year.

Oil prices fell on Thursday but were able to reverse losses as the Organization of Petroleum Exporting Countries expects limited US oil output, Reuters reported.

This week’s price movements would be the fourth consecutive week oil companies are hiking gasoline and diesel prices.

Last week, gasoline prices were increased by P0.50 per liter, diesel prices by P0.40 per liter and kerosene prices by P0.30 per liter.

This brought the year-to-date adjustments to stand at a net increase of P10 per liter for gasoline, P8.55 per liter for diesel and P7 per liter for kerosene.