DOE Says Another Big-Time Oil Price Hike Expected Next Week

Another Big-Time Oil Price Hike Expected Next Week, DOE Says

PUMP PRICE INCREASE – The Department of Energy said that another big-time oil price hike is expected next week.

The prices of petroleum products 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 would contribute to the daily 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.

Oil Price Hike

On Friday (April 22, 2022), the Energy Department reported that another increase on prices of petroleum products including gasoline, diesel and kerosene is seen to be imposed starting next week.

DOE-Oil Industry Management Bureau Director Rino Abad confirmed that the next price hike will be a bit hefty. He also cited the oil trading monitoring in the past four days based on the Mean of Platts Singapore.

According to an oil industry source, the prices of gasoline may increase by P3.10 to P3.30 per liter and P4.20 to P4.40 per liter of diesel. However, the possible price adjustments may still change.

Oil Price Hike

Abad said that the global crude oil price jumped from $117.45 per barrel last April 11 to $128.11 per barrel as of April 21.

The reduction of lockdowns in China, possible ban of Russian energy exports and suspension of ongoing peace talks between Russia and Ukraine increased the demand for fuel.

Oil companies announce price adjustments every Monday and impose changes every Tuesday.

Doe also shows the latest year-to-date adjustments, which stand at a net increase of P15.45 per liter for gasoline and P27.35 per liter for diesel.

What can you say about the impending price adjustments? Just feel free to leave your comments and reactions to this article.

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