Oil firms seen jacking up local pump prices on Feb 21

After giving love on Valentine’s Day in the form of a hefty price rollback, local  oil companies are expected to jack up pump prices of petroleum products by up to a peso per liter next week.

An industry source said the price of diesel may increase by 70 centavos to P1 per liter and gasoline, by 60 to 90 centavos per liter.

Estimates were made based on the four-day trading average in the global oil market from Feb. 13 to 16.

On Feb 14, oil firms slashed diesel and kerosene prices by P2.20 per liter and P2.50 per liter, respectively. Gasoline was unchanged.