MANILA, Philippines — Massive pump price increases are expected to be imposed this week.
In its forecast, Unioil Philippines said diesel prices would increase by P2 to P2.10 per liter while gasoline would go up by P1.40 to P1.50 per liter.
This would be the sixth straight week that oil companies will be increasing the prices of petroleum.
In the past trading week, global oil prices closed to nearly a three-year high on expectations that ministers of the Organization of Petroleum Exporting Countries (OPEC) will maintain a steady pace in raising supply, Reuters reported.
Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P15.10 per liter for gasoline, P12.95 per liter for diesel and P10.65 per liter for kerosene.