Fuel prices seen to increase anew
Pump prices of petroleum products are expected to increase for the 11th consecutive week on Tuesday, with local oil companies estimating prices to climb by more than P2 per liter.
Industry sources on Saturday said that based on five days of trading in the world market, the price of diesel is expected to climb by P2.30 to P2.50 per liter.
The price of gasoline may increase by P1.80 to P2 per liter. This will mark the 10th straight week of increases for gasoline.
Motorists have been reeling from the fuel price increases for two and a half months now due mainly to oil production cuts implemented by Saudi Arabia, the world’s largest oil exporter.