Oil industry sees first hike for 2019 this week

MANILA, Philippines — Oil prices are expected to increase this week after trading in the world market trended higher.

“Expect fuel prices to go up again next week. Diesel and gasoline should go up by P0.70 - P0.80 per liter,” Unioil Philippines said yesterday in its official Twitter account.

The impending price hike comes after eleven consecutive weeks of reduction for diesel and kerosene prices, and three successive weeks for gasoline.

Ahead of the New Year holidays, the last price adjustment of oil companies amounted to a decrease of P1.30 per liter on gasoline, P1.85 per liter on diesel and P1.90 per liter on kerosene.

Earlier in the trading week, the Department of Energy (DOE) said oversupply concerns and slower demand continued to dampen global oil prices. However, the trend changed in the last two days of the trading week.

On Thursday, oil prices surged by over one percent on signs that major oil producer Saudi Arabia will cut output, Reuters reported.

Global oil prices rose two percent as the proposed US-China talks provided a boost in early Friday trading but retreated at the close due to a rise in US output.