Oil price hike looms this week

Posted at 07/08/13 11:04 AM

MANILA, Philippines - After a rollback last week, motorists are in for a fresh round of price increases at the pump this week.

Industry estimates indicate there will be a P0.65-P0.75 per liter increase for gasoline, while there will be a P 0.40 - P0.50/liter increase for diesel.

The oil price hike is due to the increase in prices of imported petroleum, as well as the weakening of the peso against the US dollar last week.