Oil prices going up for 8th week

MANILA, Philippines — Massive oil price hikes are set to be implemented again next week as global prices soar.

Diesel prices will be increased by P1.40 to P1.50 per liter and gasoline by P1.80 to P1.90 per liter, Unioil Philippines said in its forecast.

This would be the eighth straight week oil companies would be increasing petroleum prices.

In the past trading week, global oil prices jumped to their highest levels in years on the back of rebounding global demand.

Oil eased by midweek on worries that crude demand growth would slow before surging anew to reach a three-year high above $85 a barrel after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and due to forecasts of a supply deficit in the next few months amid easing of coronavirus-related travel restrictions, Reuters reported.

Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P17.85 per liter for gasoline, P16.50 per liter for diesel and P14.19 per liter for kerosene.