Oil price hike this week


Oil companies are set to impose a minimal increase in prices of petroleum products this week.

According to industry sources, the price hike for gasoline will be between 35 to 50 centavos per liter while prices of diesel and kerosene are expected to increase by 5 to 10 centavos per liter.

Oil firms usually make formal announcement about price adjustment on Mondays. It normally takes effect the following day.

The expected price adjustment is due to the movement of crude prices in the world market.

This would be the third time oil companies increase prices for the month of September.

For this month, oil companies have already increased gasoline price by P2.00 per liter, P1.85 per liter for kerosene and diesel by P1.70 per liter.

Last week, oil firms lowered gasoline prices by 35 centavos per liter and kerosene prices by 45 centavos per liter.


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