MANILA, Philippines — Oil prices will be raised for the fifth straight week on Tuesday.
In its oil price forecast, Unioil Philippines said both diesel and gasoline fuels would be increased by P0.70 to P0.80 per liter.
Global oil prices started the past trading week on a weak note as talks of a rate hike by the Federal Reserve spooked the market, Reuters reported.
Brent crude broke the $90-per-barrel level for the first time in seven years on Wednesday due to tight supply and the rising political tensions between Russia and Ukraine, the wire service said.
At the end of the trading week, global oil prices still recorded its sixth weekly gain, driven by concerns over geopolitical issues such as the attacks on the United Arab Emirates by Yemen’s Houthi group and a possible military conflict in Ukraine.
Data from the Department of Energy showed year-to-date adjustments stand at a total net increase of P4.95 per liter for gasoline, P7.20 per liter for diesel and P6.75 per liter for kerosene.