Oil firms hike pump prices

MANILA, Philippines — Oil firms are raising pump prices again this week.

Diesel products will have a significant rise of P1 to P1.10 per liter while gasoline will increase by P0.40 to P0.50 per liter, Unioil Philippines said in its forecast.

Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P12.85 per liter for gasoline, P9.95 per liter for diesel and P8.10 per liter for kerosene.

Global oil prices started the past trading week higher as US Gulf Coast platforms, refineries and pipelines grappled with uncertainty on restart timelines after Hurricane Ida wreaked havoc in the region, Reuters reported.

By mid-week, oil prices steadied after seesawing in the past couple of days after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.