Pump prices to go up this week

MANILA, Philippines — Local pump prices are expected to slightly increase next week after six straight weeks of price cuts.

In its forecast, Unioil said motorists should expect fuel prices to go up next week by as much as 50 centavos per liter.

“Diesel should go up around P0.20. Gasoline should go up around P0.45-P0.50,” it said.

In the past trading week, oil prices recouped losses on Thursday on hopes that a production cut deal among members of the Organization of Petroleum Exporting Countries (OPEC) and allied producers could prop up prices.

OPEC and its allies, including Russia, have agreed to cut output by 10 million barrels per day from May, Reuters reported.

However, global oil prices faltered at the week’s close on doubts that the deal would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic, which has dramatically slowed down economies.

Last week, local oil companies rolled back gasoline prices by P0.35 per liter, diesel prices by P0.75 per liter and kerosene prices by P0.70 per liter.