Oil price forecast to increase, offsetting last week's price drop

ABS-CBN News

Posted at Jun 10 2023 11:30 AM | Updated as of Jun 10 2023 11:58 AM

 Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News/File
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News/File

MANILA - Petroleum prices are expected to increase next week by more than P1 per liter, offsetting last week's rollbacks.

Diesel prices will likely increase by P1.20 to P1.50, taking the largest hike among petroleum products. 

Gasoline and kerosene prices are also projected to go up by P1.10 to P1.40 per liter. 

Experts say this is due to Saudi Arabia's decision to cut oil production. 

-- Report from Alvin Elchico, ABS-CBN News

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