Oil price hike expected this week

MANILA, Philippines — After two consecutive oil price rollbacks, another price hike on petroleum products is underway.

According to industry players, gasoline prices will increase by P0.10 to P0.20  per liter,  diesel by P0.30 to P0.40 per liter and kerosene by P0.40 to P0.50 per liter.

The Department of Energy said the devaluation of the peso had a huge effect on oil prices.

Peso to dollar exchange reached P54 last week. Dollars are used in procuring imported petroleum products abroad. — UNTV News & Rescue

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