Big-time oil price hike seen next week —Unioil

Pump prices of petroleum products are up for another round of increase in the coming week, Unioil Petroleum Philippines said Saturday.

In its fuel price forecast for February 23 to March 1, 2021 trading week, Unioil said the price per liter of diesel may increase by P1.00 to P1.10.

Gasoline prices, meanwhile, may hike by P1.10 to P1.20 per liter.

Oil companies usually announce price adjustment every Monday to be effective on the next day.

This week, fuel firms implemented price hikes effective Tuesday, February 16. Companies hiked gasoline prices at an average of  P0.75 per liter and diesel by P1.25 per liter.

Data from the Department of Energy showed gasoline prices range between P38.85 and P50.70 per liter while diesel prices range from P31.30 to P38.80 per liter.

Year-to-date adjustments stand at a net increase of P4.00 per liter for gasoline and P3.90 per liter for diesel. —LBG, GMA News