Oil price hike seen next week, to snap 8 weekly roll­back streak

Watchmen Daily Journal - - BUSINESS -

Af­ter an 8-week roll­back streak, a hike in the prices of pe­tro­leum prod­ucts is likely next week as world over sup­ply trend is likely to end.

Cit­ing in­dus­try sources, a re­port on Su­per Radyo dzBB said that the Or­ga­ni­za­tion of Pe­tro­leum Ex­port­ing Coun­tries (OPEC) are plan­ning to re­duce pro­duc­tion to ad­dress oil price slump.

Ex­pected hike in pump prices could be P0.50 per liter, the re­port said.

But price ad­just­ments could go as high as P3 per liter next year once the se­cond trance of the oil ex­cise tax is im­ple­mented.

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