Oil prices will likely go by as much as P0.70 per liter this week, the fourth consecutive weekly increase to reflect the movement of prices in the world market.
“Expect fuel prices to go up next week (May 11 - 17). Diesel will increase by P0.60 to P0.70 per liter. Gasoline will increase by P0.60 to P0.70 per liter,” Unioil Philippines said in its advisory over the weekend.
World oil prices have been going up amid optimism of a global economic recovery resulting from the eased restrictions in the US and Europe.
However, this has been tempered by the surge in cases in India.
On May 4, the oil companies raised the price of gasoline by P0.20 per liter while both diesel and kerosene increased P0.35 per liter.
These resulted in year-to-date adjustments to stand at a total net increase of P7.80 per liter for gasoline, P6.05 per liter for diesel and P5.30 per liter for kerosene.