Agency warns of new round of oil price hike

THE Energy department warned Sunday that pump prices could increase by as much as P1 per liter this coming week due to the movements in the world oil market.

“The DoE observed that last week’s international oil trading may affect the domestic prices of gasoline, diesel and kerosene,” the agency said in a statement.

“Gasoline may increase by around P0.40 per liter, diesel may increase by around P1.05 per liter, and kerosene may increase by around P0.80 per liter,” the department said.

But it said its price-increase estimates might still change depending on the international oil trading activities on Friday, which would be accessed today.