Another Oil Price Hike Expected Next Week, Prices of Diesel & Kerosene to Go Up By P8 Per Liter
The prices of diesel and kerosene are expected to go up by P8 per liter starting next week, according to industry players.
Oil prices play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
Pump price hike contributes to the burden of Filipino people especially to those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.
The oil companies in the Philippines are expected to implement another big-time oil price hike starting next week. The prices of petroleum products including diesel, gasoline and kerosene are expected to increase for the 12th time in the last 13 weeks.
The global fuel prices have consecutive weeks of increases due to the on-going conflict between Russia and Ukraine. The expected fuel price hike on Tuesday (March 29) next week will mark the 12th price hike.
Throughout the entire year, the Philippine oil companies has impose only one price rollback at around P12 per liter of diesel.
Oil firms are set to impose an addition P8 to P8.15 per liter of diesel, P8.05-P8.15 per liter of kerosene and P3 to P3.15 per liter of gasoline.
Last week, LTFRB has started to distribute the fuel subsidy for the drivers and operators of public utility vehicles affected by the series of price increases. However, the transport groups described the fuel subsidy as a band-aid solution only.
The transport groups are urging the government to suspect excise tax on petroleum products amid surging fuel prices.
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