Another oil price hike expected this week

MANILA, Philippines — Another oil price hike is expected this week as global crude prices are nearly at their peak level this year.

Unioil Philippines said on its Twitter account that prices are expected to go up by P0.05 to 0.10 per liter for diesel and by P0.65 to 0.75 per liter for gasoline. 

This would be the seventh consecutive week that gasoline prices will be increased and the second straight week for diesel.

In the past trading week, oil prices hovered near their highest level this year, driven by the continued production cuts of Organization of Petroleum Exporting Countries (OPEC).

Other factors include tightening of global stocks and US sanctions on key producers Iran and Venezuela.

Last week, local oil firms raised gasoline prices by P1.35 per liter, diesel prices by P0.30 per liter and kerosene prices by P0.40 per liter.