Oil price hike seen this week

MANILA, Philippines — Oil prices are seen to increase this week as tensions in the Middle East pushed up global crude prices.

Unioil Petroleum Philippines said in its forecast that fuel prices are expected to get a significant rise next week.

“Diesel and gasoline should go up by P0.80 to P1.00 per liter,” it said in its weekly forecast.

During the past trading week, concerns over the global supply pushed oil prices higher amid rising tensions in the Middle East.

According to a report by Reuters, two Saudi Arabian oil tankers were attacked off the coast of the United Arab Emirates.

It was later reported that Houthi rebels attacked the tankers, which was described by Saudi Arabia as an attempt to undermine the security of crude supplies amid tensions between the US and Iran.

As counterattack, a Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa on Thursday, Reuters reported.

The expected price adjustment comes after two consecutive weeks of price cuts on pump products.

Last week, oil companies rolled back gasoline prices by P1.25 to P1.30 per liter and kerosene by P0.30 per liter. Diesel prices were unchanged.