Oil firms hike prices this week

It will be a reverse course for pump prices this week with slight increases anticipated to range between ₱0.15 to ₱0.40 per liter for diesel and gasoline products.

That had been due to the uptick in prices in the world market logged in the outcomes of recent trading days, according to the industry players. Basically, this will be an opposite development from the massive price cuts experienced just last week.

In the coming days, the hike in diesel prices is seen to be leaner at ₱0.15 to ₱0.20 per liter while gasoline could be at the range of ₱0.35 to ₱0.40 per liter from a calculation as of Thursday minus yet the result of trading on Friday.

Being their routine, the oil companies are expected to adjust pump prices until Tuesday which is also aligned with the recently issued circular of the Department of Energy.

As tracked by industry watchers, world oil prices had been on a rally last week due to fresh round of tension in the Middle East, primarily the assault on tankers in the Gulf of Oman.

It was noted that such single geopolitical event partly disrupted supply flow, hence, triggering the price escalations especially on last week’s Thursday trading.

Nevertheless, the general expectation is for prices to remain relatively low with other factors, such as the lingering US-China trade dispute, still seen precipitating slowdown in overall global economic growths.