Oil prices to rise again next week
AFTER imposing a meager price rollback of petroleum products last Tuesday, local oil firms are expected to implement another big-time oil price increase next week.
Oil industry sources said gasoline prices may experience an increase of P4.30 to P4.50 per liter; diesel may go up by P3.80 to P4.00 per liter, and kerosene by P4.70 to P4.90 per liter.
Big and small oil firms usually announce the price adjustment of their petroleum products on Monday to be implemented the following day, Tuesday.
The plan of the United States of America to replenish around 60 million of crude oil for their additional reserve and the proposal to ban the importation of Russian oil by the European Commission moved the prices of crude oil in the global market.
