Gasoline price increase seen this week

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

In a fuel forecast advisory for Sept. 29 to Oct. 5, Unioil Petroleum Philippines said the price of gasoline is seen to increase by P0.20 per liter.

No change, on the other hand, is expected in the price of diesel.

This will be the first week of mixed movements in the price of fuel products should the changes be implemented.

Last week, the price of gasoline rose by 60 centavos per liter while the price of diesel inched up by 20 centavos per liter.

The price of kerosene also increased by 55 centavos per liter.

In the last week of trading, oil futures were down by more than two percent on the back of rising oil supply as well as the surge of COVID-19 cases globally.

On Friday, Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while US West Texas Intermediate (WTI) crude futures CLc1 lost 6 cents to $40.25 a barrel, Reuters reported.

On a weekly basis, Brent dropped 2.9 percent while WTI fell 2.1 percent.