Hike in fuel prices expected again

Following hefty rollbacks, prices of local fuel products are expected to increase this week following an attack on two oil tankers in the Middle East.

According to its weekly forecast, Unioil Petroleum Philippines said gasoline price would increase from 30 to 40 centavos while diesel would increase by 20 centavos.

Prices of oil around the globe dipped in the first half of the trading week due to the negative outlook for global oil demand caused by the ongoing trade wars involving US, China, and Mexico and the US oil inventory, according to a report from The STAR.

But Reuters reported that oil prices surged towards the end of the week following an attack on two oil tankers in the Gulf of Oman, raising concerns on potential supply disruptions.

Oil companies had reduced prices of gasoline products by P1.70 per litre, diesel by P1.05 per liter and kerosene by P1.00 per liter. – With reporting from Danessa Rivera/STAR

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