Oil firms to raise pump prices anew

MANILA, Philippines — Another round of fuel price increases will greet motorists this week.

Unioil Philippines said in its forecast that fuel prices are expected to go up this week.

“Diesel should increase by P0.35 to P0.45 per liter. Gasoline should increase by P0.25 to P0.30 per liter,” it said.

The projected price increases follow the increase in gasoline prices by P1.15 per liter, diesel prices by P1.10 per liter and kerosene prices by P1.10 per liter last Tuesday.

Data from the Department of Energy (DOE) showed year-to-date adjustments still stand at a net decrease of P3.47 per liter for gasoline, P7.76 per liter for diesel and P11.19 per liter for kerosene.

In the past trading week, global oil prices rose as the Organization of Petroleum Exporting Countries (OPEC) and Russia agreed to increase output by a modest 500,000 barrels per day (bpd) from January.

The increase in output means producers would move to cutting production by 7.2 million bpd, or 7 percent of global demand from January, compared with current cuts of 7.7 million bpd, Reuters reported.