DOE Announced Possible Price Hike On Petroleum Products
The Department of Energy (DOE) said that the prices of local petroleum products could possible increase from P0.50 up to P1.00/liter.
Petroleum products become one of our daily essential needs such as for transportation, cooking, and other possible uses. Movement on its price can possibly affect the country’s economy and the daily activities of each individual.
On Thursday (April 06, 2017), DOE announced that a possible price hike of petroleum products could start next week as the prices of global crude rise on extending the Organization of Petroleum Exporting Countries (OPEC) production freeze. It will be also 6th price hike for gasoline this 2017, 7th for diesel, and 8th for kerosene.
DOE also indicated that the gasoline would have a much higher price hike rather than diesel and kerosene. The price hike was due to the increased price of crude oil globally this week. Petroleum products could increase from 50 centavos up to P1.00 per liter.
The extent on the production freeze by the Organization of Petroleum Exporting Countries or OPEC causes the global increase in the oil prices this week, according to Melita Obillo, the OIC-director of the Oil Industry Management Bureau.
In June 2017, the members of OPEC was supposed to end the limit on crude production, but there are still some indications that the limit will be extended.
Obilio said that she could not yet determine if the increasing price of petroleum products would continue until the next few months. She also said that the petroleum market remains stable in term of crude oil supply.
What can you say about the possible price hike of petroleum products next week? What will be the effects of the increased prices of oil in the economy of our country? Just feel free to leave your comments and reactions for this article.
