Oil prices up this week

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PRICES of petroleum products are set to go up this week, according to an official of the Department of Energy (DOE).

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Energy OIC Undersecretary Zenaida Monsada said the increase will be less than P1 per liter for diesel and gasoline.

“This will not wipe out the reduction implemented last week,” said Monsada, director of the Oil Industry Management Bureau.

Energy Secretary Carlos Jericho Petilla clarified that the price hike is not due to the worsening crisis in Iraq. He said the country does not import crude from Iraq.

Iraq is the second-biggest oil exporter in the 12-nation Organization of Petroleum Exporting Countries after Saudi Arabia.

Petilla said that the possible adjustment in the prices of petroleum products is caused by market forces.

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