Fuel price hike seen this week

MANILA, Philippines — Local pump prices are expected to significantly increase as global crude prices surged last week.

Unioil Petroleum Philippines said motorists should expect hefty fuel price hikes on Tuesday.

“Diesel should go up by P0.65 to P0.75 and Gasoline should go up by P1.00 to P1.10,” Unioil said in its weekly forecast.

During last week’s trading, global oil prices increased in the first half of the week amid continuing Middle East tensions and production cuts of the Organization of Petroleum Exporting Countries (OPEC), Reuters reported.

It also said Brent crude reached a high of $66 per barrel as US crude inventories fell and the brewing storm in the Gulf of Mexico affected operations of major oil producers in the area.

Last week, oil companies raised gasoline prices P0.25 per liter while diesel price was reduced by P0.40 per liter and kerosene by P0.35 per liter.

Based on the data of the Department of Energy (DOE), year-to-date adjustments stand at a net increase of P5.15 per liter for gasoline, P3.30 per liter for diesel and P1.75 per liter for kerosene.