Oil companies set to hike prices this week

Oil companies are expected to raise pump prices this week after successive weeks of price rollbacks.

Meanwhile, prices of cooking gas will also have another round of increase in December amid higher international contract prices.

In its forecast, Unioil said motorists should expect fuel prices to go up this week.

“Diesel should go up by P0.55 – P0.65. Gasoline should go up by P0.25 – P0.35,” it said. This would follow six straight weeks of reduction on diesel prices.

Global oil prices posted gains at the start of the trading week as positive comments from the US and China perked up market sentiment, according to Reuters.

But by mid-week, oil prices slipped due to higher US crude inventories and production.

However, oil prices still ended up higher on a monthly basis on expectations that a deal boosting output by March would be signed, Reuters reported.

Local oil companies implemented a rollback of P0.20 per liter on gasoline, P0.10 per liter on diesel and P0.10 per liter on kerosene last week.

These drove year-to-date adjustments to stand at a net increase of P6.52 per liter for gasoline, P3.16 per liter for diesel and P0.44 per liter for kerosene, based on Department of Energy (DOE) data.

For liquefied petroleum gas (LPG), Saudi Aramco raised its propane price from $430 per ton in November to $440 in December, and butane price from $445 a ton to $455, Reuters reported.

Local retailers track the price benchmark set by Saudi Arabia’s state-owned oil company Saudi Aramco every month.

In a text advisory, Petron Corp. said it will implement a P0.25 per kilogram increase in liquefied petroleum gas (LPG) prices effective 12:01 a.m. today.