MANILA, Philippines — Motorists would face a bigtime oil price hike as diesel rates are expected to increase by over P1 per liter next week.
In its forecast, Unioil said motorists should expect a huge fuel price hike on diesel.
“Diesel would increase by P1.10 - P1.20. Gasoline will have no price movement,” it said.
This would be the second consecutive week that diesel prices were raised.
Last week, diesel prices were increased by P0.40 per liter and kerosene prices by P0.60 per liter.
This brought year-to-date adjustments to stand at a net increase of P6.47 per liter for gasoline, P3.76 per liter for diesel and P0.61 per liter for kerosene, data from the Department of Energy (DOE) showed.
Global oil prices rose this week as trade tension continued to ease between the US and China, which boosted expectations of better demand next year.