Oil prices go up for 7th straight week

MANILA, Philippines — Oil prices are set to increase for the seventh straight week as global prices continue to soar.

“Diesel will increase by P1 to P1.10 per liter. Gasoline will increase by P1.10 to P1.20 per liter,” Unioil Philippines said in its forecast.

Oil prices began the past trading week with a drop from seven-year highs as the United States and Iran resumed indirect talks that could revive an international nuclear agreement, Reuters reported.

The uptrend in oil prices resumed as the market considered the possibility of an aggressive and unforecast Federal Reserve rate hike for a steeper rise in energy demand, as well as escalating fears of an invasion of Ukraine by Russia.

So far, year-to-date adjustments stand at a total net increase of P6.75 per liter for gasoline, P9.15 per liter for diesel and P8.45 per liter for kerosene, data from the Department of Energy showed.