Big-time oil price hike awaits consumers next week

Consumers can expect a big-time oil price hike of P3.10 per liter next week, according to oil player Unioil Petroleum Philippines.

“Expect fuel prices to go up next week (January 24-30). Diesel will increase by P2.30 to P2.50 per liter. Gasoline will increase by P2.90 to P3.10 per liter,” Unioil said.

World oil prices went up last week amid optimism over China’s demand recovery.

The Department of Energy said China’s gasoline demand is expected to stay supported by an anticipated increase in gasoline consumption over the Lunar New Year holiday.

On January 17, the oil companies also implemented an increase in the price of gasoline and diesel.

Gasoline went up by P0.95 per liter and diesel by P0.50 per liter.

However, the oil firms cut the price of kerosene by P0.15 per liter.

Total adjustments this year stand at a net increase of P3.10 per liter for gasoline and P0.80 per liter for kerosene. Diesel has a net decrease of P0.20 per liter.

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