New round of fuel price hikes expected this week

A new round of fuel price hikes may occur this week, no thanks to continued price increases in the international market. Department of Energy Oil Industry Management Bureau director Zenaida Monsada said this may be the second straight week when oil prices are raised. She said this was based on the four-day average of prices in the international market, according to a report on dzBB radio early Sunday. Monsada said the price hikes may include 60 centavos per liter for regular gas, and 30 centavos per liter for diesel. Last week, oil firms implemented a big-time price hike, snapping a 12-week streak of sorts where oil companies rolled back prices of their products. The rollbacks since April had been enough to prompt a rollback as well in passenger jeep fares, from P8 to P7.50. — LBG, GMA News