Fuel prices to rise this week

MANILA, Philippines — Oil companies are expected to implement increases in the prices of fuel this week.

In a fuel forecast for Sept. 22 to 28, Unioil Petroleum Philippines said the price of diesel is seen to increase by P0.10 per liter,while the price of gasoline is expected to rise by P0.50 to P0.60 per liter.

This will be the first week of price increases should the adjustments be made.

Oil firms implemented price rollbacks in the past two weeks.

Last week, oil companies made a P1 per liter rollback in the price of gasoline and a P1.55 per liter decrease in the price of diesel.

Similarly, the price of kerosene dropped by P1.45 per liter.

On Friday, both the US and Brent crude bench posted minimal declines, but registered gains on a weekly basis, Reuters reported.

Brent rate fell 15 cents to settle at $43.15 a barrel on Friday, but rose 8.3 percent for the week.

In addition, the US oil futures CLc1 rose 14 cents to settle at $41.11 a barrel, and gained 10.1 percent for the week.