Diesel prices to go up this week

MANILA, Philippines — Motorists can expect an increase in the price of diesel fuel this week, but no changes for gasoline.

In a fuel forecast for Nov. 24 to 30, Unioil Petroleum Philippines said the price of diesel is seen to increase by P0.40 to P0.50 per liter.

Last week, oil firms implemented a P1.05 per liter increase in the price of gasoline and a P1.55 per liter increment in the price of diesel. No changes in the prices of gasoline are expected to be made this week.

Similarly, kerosene prices were also raised by P1.30 per liter.

The Department of Energy (DOE) declared earlier a price freeze for household liquefied petroleum gas (LPG) and kerosene for 15 days upon the declaration of a state of calamity due to the impact of Typhoon Ulysses.

Among the areas covered by the price freeze are Marikina City and the province of Isabela from Nov. 13 to 27, and the provinces of Cagayan and Aurora from Nov. 14 to 28.

Global oil prices continued gains in the last week of trading, driven by optimistic prospects for an effective COVID-19 vaccine, Reuters reported.

On Friday, the Brent crude LCOc1 futures rose 76 cents, or 1.7 percent, to settle at $44.96 a barrel, while the US West Texas Intermediate (WTI) January crude contract CLc2 gained 52 cents, or 1.2 percent to $42.42 a barrel.

Both benchmarks posted about a five percent gain on a weekly basis.