Oil prices swing high: P1.20/liter

Consumers can expect hefty price increases of as much as P1.20 per liter next to reflect the movement of prices in the world market.

“Expect fuel prices to go up next week [March 16 to 22]. Diesel should increase by P0.80 to P0.90 per liter. Gasoline should increase by P1.10 to P1.20 per liter,” Unioil Philippines said in its weekly advisory.

On March 9, the oil firms cut pump prices by P0.10 per liter of gasoline, P0.35 per liter of diesel and P0.55 per liter of kerosene.

These resulted in a year-to-date net increase of P6.10 per liter of gasoline, P5.35 per liter of diesel and P4.50 per liter of kerosene.

World oil prices declined for most of the week last week amid signs of a global fuel consumption recovery as vaccination programs gained traction.

However, the Organization of the Petroleum Exporting Countries and its allies have warned that the effects of the COVID-19 pandemic will continue to be felt in the next two quarters.

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