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

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.