Oil firms to increase prices next week

MANILA, Philippines — Oil companies are implementing hefty price hikes on fuel products next week.

In its weekend advisory, Unioil Philippines said it expects fuel prices to increase amid easing tension between the US and China.

It said diesel prices would go up by 70 to 80 centavos per liter while gasoline would increase by P1.20 to P1.30 per liter.

International crude prices rose last week as the trade tension eased between China and the US, while US crude inventories dropped to their lowest in almost a year, Reuters reported.

The price hike will follow three consecutive weeks of price cuts on pump products.

Last week, local oil firms rolled back gasoline by 50 centavos per liter, diesel prices by 10 centavos and kerosene by 25 centavos.

Latest Department of Energy data showed year-to-date adjustments stand at a net increase of P4.16 per liter for gasoline, P3.17 per liter for diesel and P1.01 per liter for kerosene.