Fuel prices to go up this week

MANILA, Philippines — Another round of fuel price increases is set this week with Unioil Philippines saying in its forecast that the prices for diesel will go up by P1 to P1.10 per liter and that of gasoline by P0.70 to P0.80 per liter.

Global oil prices started the first week of 2022 with optimism, with the Brent crude climbing back to the $80 per barrel level, as OPEC+ agreed to stick with its planned increase for February, Reuters reported.

The escalating unrest in oil producer Kazakhstan and the maintenance and oilfield shutdowns in Libya also pushed prices higher during the week.

So far, both gasoline and kerosene have increased by P1.85 per liter while diesel has increased by P2.40 per liter since the start of the year, data from the Department of Energy (DOE) showed.

Last year, the DOE said prices had a total net increase of P17.65 per liter for gasoline, P14.30 per liter for diesel and P11.54 per liter for kerosene.