• Minimal oil price increase looms this week

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    OIL companies might implement a minimal increase in prices of petroleum products this week.

    Industry sources said the oil firms may hike diesel prices by 5 centavos per liter, gasoline prices by 15 to 25 centavos per liter and kerosene by at least 10 centavos per liter.

    The expected price adjustments are primarily driven by movement in world oil prices.

    Oil companies usually make formal announcement on price changes every Monday, with the adjustments taking effect the following day.

    Last week, they reduced gasoline prices by P1 per liter and diesel by 35 centavos to 40 centavos per liter.

    RITCHIE A. HORARIO

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