Oil prices to go up for 6th straight week

MANILA, Philippines — Oil companies are raising pump prices for the sixth straight week on Tuesday.

“Diesel will increase by P1.10 to P1.20 per liter. Gasoline will increase by P1 to P1.10 per liter,” a part of the Unioil Philippines Inc. reads.

In the past trading week, global oil prices surged to seven-year highs and extended the rally to their seventh week amid worries about supply disruptions fueled by a frigid US weather and the ongoing political turmoil among major world producers, Reuters reported.

Data from the Department of Energy showed year-to-date adjustments stand at a total net increase of P5.70 per liter for gasoline, P7.95 per liter for diesel and P7.20 per liter for kerosene.