Oil price increase expected this week

Another round of fuel price hikes is set this week.

A source told The STAR that diesel prices will increase by P1.90 to P2.15 liter while gasoline will be raised by P1.80 to P2 liter.

Unioil Philippines in an advisory said that motorists should expect the increase in fuel price this week.

“Diesel should increase by more than P2.30 and gasoline should increase by more than P1.90 a liter,” it said.

This would be the fourth consecutive week that oil companies would implement price increase on gasoline products while third week of price hike for diesel and kerosene.

Meanwhile, The STAR reported that global oil prices registered their fourth straight week of gains last week. According to a Reuters report, the reason behind the price increase is the decline in US crude inventories which eased concern about a supply glut.

It added that rising fuel demand evidenced by countries easing business and social restrictions that were imposed to counter the coronavirus pandemic also propped up prices.

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