MANILA, Philippines — After three weeks of price cuts, local oil players are raising pump prices this week.
In its forecast, Unioil Philippines said diesel will increase by P0.60 to P0.70 per liter and gasoline will increase by P0.20 to P0.30 per liter.
Prior to the upcoming price changes, year-to-date adjustments were at a net increase of P12.45 per liter for gasoline, P9.35 per liter for diesel and P7.40 per liter for kerosene.
In the past trading week, global oil prices gained in the first three sessions, fueled by the weaker dollar and strong US fuel demand, Reuters reported.
Global oil prices snapped a three-day climb as rising COVID-19 infections renewed concerns over demand and as Mexico restored some output after a fire disrupted supply.