Oil prices go up this week
MANILA, Philippines — Oil prices face another price hike of at least P1 per liter this week.
In its forecast, Unioil Philippines said diesel prices would increase by P1.40 to P1.50 per liter while gasoline will increase by P1.10 to P1.30 per liter.
This will be the seventh straight week that oil companies increase petroleum prices.
At the start of the past trading week, global oil prices rose to a three-year high after the Organization of Petroleum Exporting Countries (OPEC) decided it would remain its production level, Reuters reported.
By mid-week, oil retreated from multi-year highs due to higher US inventories and the plan to sell oil from its strategic reserves.
But at the close, global oil price recovered and surged as the global energy crunch has boosted prices to their highest since 2014 and prompted China to demand increased coal production, Reuters reported.
Prior to the upcoming price changes, year-to-date adjustments stand at a net increase of P16.55 per liter for gasoline, P15.00 per liter for diesel and P12.74 per liter for kerosene.
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