Oil price hike this week

MANILA, Philippines — Oil prices are set to increase for the sixth straight week this week. “Diesel will increase by P0.10 per liter. Gasoline will increase by P0.50 to P0.60 per liter,” Unioil Philippines Inc. said in its fuel forecast yesterday.

Global oil prices started the past trading week with a decline due to rising COVID-19 cases in Asia and Europe.

By mid-week, oil prices steadily rose until the end of the week, anchored on news that the Organization of the Petroleum Exporting Countries and its allies could increase output towards the end of the year, Reuters reported.

Last week, gasoline prices were increased by P1 per liter, diesel prices by P0.65 per liter and kerosene prices by P0.70 per liter.

This brought the year-to-date adjustments to stand at a net increase of P11.75 per liter for gasoline, P9.90 per liter for diesel, and P8.40 per liter for kerosene.