Oil prices may go up next week

MANILA, Philippines — Motorists may have to brace for hefty fuel price hikes this week.

In its advisory, Unioil Philippines said fuel prices are expected to go up again.

“Diesel should increase by P1.00 to P1.10 per liter. Gasoline should increase by P0.90 to P1.00 per liter,” the oil firm said.

This would be the third time oil companies are raising pump prices this year.

Last week, oil firms also implemented price increases of P0.85 per liter for gasoline, P0.30 per liter for diesel and P0.25 per liter for kerosene.

The Department of Energy (DOE) said these made the year-to-date adjustments to stand at a net increase of P1.30 per liter for gasoline, P0.60 per liter for diesel and P0.65 per liter for kerosene.

The price hikes are in step with the trend in the Mean of Platts Singapore (MOPS), the benchmark for local fuel products. MOPS is the daily average of all trading transactions of diesel and gasoline as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.