Oil price increase of 50 centavos anytime this week

CONSUMERS can expect petroleum prices to increase again anytime this week, as new oil players on Tuesday expressed the need to raise pump prices by 50 centavos to recoup the accumulated under-recoveries for the month.

In a phone interview, Fernando L. Martinez, chair of the Independent Philippine Petroleum Companies Association, said the proposed increase will partially enable them to recoup their under-recoveries.