Big-time oil price hike set Feb. 26

Oil companies will implement big-time increments on pump prices Tuesday, February 26.

Oil firms will hike diesel and gasoline prices by P1.45 per liter and P1.35-per-liter increase on prices of kerosene.

Local oil prices have been going up for three straight weeks.

The upward price adjustments follow movements in the international market.

According to FX Empire Analyst James Hyerczyk, global oil price is likely to be backed by the United States’ sanctions against Iran, while the optimistic expectations on trade talks between the US and China will likely support demand in the coming months.

Hyerczyk also mentioned that last week, US West Texas Intermediate and Brent crude oil have reached their highest levels since late November.PNA/IMT


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