Oil price hike expected on February 20

MANILA, Philippines — After last week’s price rollback, another oil price hike is expected to be implemented by oil firms next week.

Based on four-day trading prices, gasoline prices are anticipated to rise by a maximum of P1.12 per liter, and diesel prices are projected to go up by a maximum of P1.42 per liter.

Kerosene prices, on the other hand, are expected to increase by as much as P1.29 per liter.

On Tuesday, oil firms implemented an oil price rollback, ending five weeks of consecutive oil price increases since the second week of January. 

The following are the cut in oil prices:

• Diesel prices - down by P0.10  per liter
• Gasoline prices - down by P0.60  per liter
• Kerosene prices - down by P0.40  per liter.

Final price adjustments will be announced by oil companies on Monday and to be implemented on Tuesday next week.

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