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Oil price hike's 5th round in the offing

Pump prices will likely go up anew this week by as much as P0.80 per liter, triggering a fifth consecutive week of  oil price hikes for both gasoline and diesel products.

"Expect fuel prices to go up next week (June 22 - 28, 2021). Diesel will increase by P0.70 to P0.80 per liter. Gasoline will increase by P0.70 to P0.80 per liter," Unioil Petroleum Philippines Inc. said in its media advisory.

On June 15, the oil companies raised prices in domestic oil products.

Gasoline  increased by P0.50 per liter, diesel by P0.40 per liter and P0.30 per liter for kerosene.

These resulted in the year-to-date adjustments to stand at a total net increase of P10 per liter for gasoline, P8.55 per liter for diesel and P7 per liter for kerosene.

World oil prices trended in the past weeks higher due to confidence of strong demand outlook and accelerating vaccinations allowing for more mobility, according to the Department of Energy.

DOE cited the report of the International Energy Agency’s (IEA) monthly oil market report that global oil demand is set to rise by 3.1 million barrels per day and return to pre- pandemic levels by the fourth quarter next year.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies are scheduled to meet online July 1 to assess market conditions and review plans to bring more output online which could impact on the movement of oil prices.

Topics: Oil , Diesel , International Energy Agency , Organization of the Petroleum Exporting Countries
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