Oil Prices Set for Another Massive Increase This Week

Motorists may face another hefty oil price hike of up to P5 per liter this week, according to Jetti Petroleum president Leo Bellas.

Bellas cited price developments in Asia and foreign currency movements as factors contributing to the potential increase. Diesel prices could rise by P2 to P2.50 per liter while gasoline prices may increase by P4.50 to P5 per liter.

The projected oil price hike comes on the heels of a previous up to PHP5.58 per liter increase this week, making it the second in a short span.