Oil prices could go up this week by as much as P1.30 per liter effective Tuesday to reflect the movement in the world market.
Based on the oil industry’s forecast, the diesel price could increase by P1.50 to P1.60 per liter; P1.30-P1.40 for kerosene and P1.10-P1.20 for the gasoline.
Besides the world market, the imminent oil price increase in petroleum products is also cause by the positive news about the vaccine against coronavirus disease (COVID-19).
Oil companies in the country often implement price adjustments every Tuesday.
On November 10, the price of kerosene rose by 40 centavos and diesel by 20 centavos while the price of gasoline rolled back to 20 centavos.