Oil Firms Say Fuel Prices Expected to Increase As Much As P4 Per Liter Starting Next Week
Fuel prices are expected to increase as much as P4 per liter starting next week, according to the latest oil price hike forecast.
Nowadays, 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 companies were expecting a huge increase in the prices of petroleum products including gasoline, diesel, and kerosene. The expected price hike will mark the 15th consecutive oil price hike in the country.
The big-time pump price increase will come on Tuesday (May 10, 2022) just a day after the national elections. The big-time price hike will affect Filipino motorcycle riders and vehicle drivers.
According to the oil companies, the gasoline prices will go up by P4.30 to P4.50 per liter, P3.80 to P4.00 per liter of diesel, and P4.70 to P4.90 per liter. Of kerosene.
The consecutive increases in prices of petroleum products were due to the ongoing conflict between Ukraine and Russia. The surging oil price hikes will continue while both sides still at a deadlock in peace talks.
The Department of Energy (DOE) assured the Filipino people that there will be an ample supply of petroleum products during the election period as well as for the consumption of Filipino motorists.
What can you say about the expected big-time oil price increase? Just feel free to leave your comments and reactions to this article.
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