Oil price hike seen this week
MANILA, Philippines — After the price rollback last week, oil companies are raising pump prices anew.
In an advisory, Unioil Philippines said motorists should expect a slight increase in fuel prices this week.
“Diesel should increase by P0.30 to P0.40 per liter. Gasoline should increase by P0.50 to P0.70 per liter,” it said.
This comes a week after petroleum firms rolled back gasoline and kerosene prices.
Oil companies reduced gasoline prices by P0.65 per liter and kerosene prices by P0.40 per liter last week.
In the past trading week, oil prices were mostly steady on the back of tighter supplies and forecast of lower US production.
However, Brent crude fell by nearly $1 per barrel due to worries over increasing coronavirus virus cases would again sink fuel consumption, Reuters reported.
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