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Oil prices set for 4th straight hike

Consumers can expect another oil price hike of as much as P0.90 per liter this week amid higher demand globally and the lingering impact of Hurricane Ida on production in the United States.

Unioil Petroleum Philippines forecasts an increase in pump prices for September 21 to 27 of P0.80 to P0.90 per liter for both diesel and gasoline.

The move will trigger the fourth weekly consecutive oil price increase.

On September 14, the oil companies implemented a price increase in domestic oil products of P0.35 to P0.40 per liter for gasoline, P0.35 per liter for diesel, and P0.15 per liter for kerosene.

These resulted in year-to-date adjustments to stand at a total net increase of P13.75 per liter for gasoline, P11.25 per liter for diesel, and P8.85 per liter for kerosene, according to the Department of Energy (DOE).

DOE monitoring showed that oil prices trended higher last week "on the back of strengthened demand outlooks and concerns that sustained US Gulf production outages could pressure near-term supply outlooks."

Meanwhile, the DOE said Asian gasoline market strengthened on the back of an uptick in regional demand, as mobility restrictions were further eased in key consuming countries.

The agency said Indonesia recorded its highest mobility since May, while India’s demand has been improving amid its opening of economy and wider vaccination coverage.

Topics: Hurricane Ida , Unioil Petroleum Philippines , Department of Energy , oil price hike
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