Oil price hike: local oil companies to impose hefty increase this week

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Big-time price hike on oil products

Oil companies are expected to impose a fuel price hike this week. 

Unioil Philippines said in its weekend advisory that its fuel price will increase amid the easing tension between China and the US. Diesel prices will go up by P.70- P.80 per liter while its gasoline will increase by P1.20 to P1.30 per liter.

For Shell Philippines, it announced that it will implement its price hike starting 6:00 AM of September 17. Gasoline will go up by P1.35/liter, P1 per liter of kerosene, and P.85 per liter of diesel.

Reuters reported that last week, International crude prices increased as the tension eased between the US and China, while US crude inventories stumbled to their lowest in less than a year.

The said price hike will follow three consecutive weeks of price rollbacks on pump products.

Local oil companies had rollbacks by P0.50 per liter on gasoline, P0.10 on diesel products, and P0.25 on kerosene last week before this hefty oil price increase.

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