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MANILA, Philippines —— After four straight weeks of price rollbacks, oil companies are expected to raise pump prices by more than P2 per liter, according to industry sources.
Diesel price is projected to increase by P1.90 to P2.10 per liter and gasoline by P0.10 to P0.30 per liter, a source said.
“Diesel will increase by P2.20 to P2.30 per liter. Gasoline will increase by P0.40 to P0.50 per liter,” Unioil said.
Rino Abad, bureau director of the Department of Energy’s Oil Industry Management, estimated that kerosene might climb by about P1 per liter.
Abad cited the International Energy Agency’s (IEA) projection that China would sustain its recovery from the pandemic by next year for the fuel price increase.
The IEA expects oil demand to rise by 2.3 million barrels per day this year and a further 1.7 million barrels per day in 2023.
Dubai crude, the Asian bellwether, shed almost 1 percent to settle at $76.90 per barrel. International benchmark Brent crude lost 2.67 percent to end at $79.04 per barrel.