Another Big-Time Oil Price Hike Expected Next Week

Gas Station to Impose Another Big-Time Oil Price Hike Expected Next Week

OIL PRICE HIKE – The Filipino motorists should brace for another big-time oil price hike is expected next week.

Over the past few decades, the prices of petroleum products play a very important role in the country’s economy. Pump price adjustment usually causes a significant impact on the prices of products and services in the country.

The Pump price hike would contribute to the daily burden of Filipino people especially 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

The oil industry projections indicate another round of increases for petroleum products including gasoline, diesel, and kerosene. The impending fuel price hike will take effect from June 14 to 20 trading week.

The oil companies are expected to impose an additional P1. 40 to P1. 70 per liter of gasoline, P4.20 to P4.50 per liter of diesel, and P4.70 to P4.90 per liter of kerosene, according to an oil industry source.

The Department of Energy-Oil Industry Management Bureau Director Rino Abad cited various factors behind the expected increase in fuel prices. Some reasons were due to easing lockdown in China, European Union bans on Russian oil imports, and the fall of the summertime in northern hemisphere countries.

Big-Time Oil Price Hike

“However there is an emerging report that China is going back again to lockdown which can offset this increasing trend or possibly roll back after next week,” Abad said.

However, oil price adjustments were still subject to change. The gasoline stations usually make an official announcement every Monday and impose price changes every Tuesday.

The Energy Department released data showing the latest year-to-date adjustments. The total net increase stands at P26.55 per liter of gasoline and P36.85 per liter of diesel as of June 7.

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