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Oil Firms Eye Another Big-Time Oil Price Hike Next Week

Various gasoline stations in the country said that Filipino motorists should brace for another big-time oil price hike starting next week.

Over the past few decades, 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.

Big-Time Oil Price Hike

Some oil companies in the Philippines announced another round of big-time increases in the pump prices of petroleum products including diesel, gasoline, and kerosene. The increase will start next week.

According to an oil industry source, oil firms will charge an additional amount of P6.30 to P6.60 per liter of diesel, P2.50 to P2.80 per liter of gasoline, and P5.1-=P5.30 per liter of kerosene.

The Department of Energy-Oil Industry Management Bureau Director Rino Abad explained that three prevailing events on supply pressure cause the incoming pump price hike.

Big-Time Oil Price Hike

However, the price adjustments are still subject to changes. Oil firms will still make an announcement on Monday and will implement the price changes on Tuesday (June 7, 2022).

DOE also reported the latest year-to-date adjustments as of May 31, 2022. The price hike stands at P23.85 per liter of gasoline and P30.30 per liter of diesel while the price rollback stands at P1.70 per liter of gasoline and P1.20 per liter of diesel.

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