Gas Stations Advice Filipino Motorists to Brace for Another Round of Fuel Price Hike Next Week
FUEL PRICE HIKE – The Filipino motorists should brace for another round of fuel price hike starting next week.
Nowadays, 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.
According to an oil industry source, the prices of petroleum products including gasoline, diesel, and kerosene are expected to increase next week. The announcement was based on oil trading monitoring from June 13 to 16.
The gasoline prices are expected to increase by P0.20 to P0.50 per liter while diesel prices may go up by P2.00 to P2.30 per liter. The possible price hike was due to easing lockdown in China, according to DOE-Oil Industry Management Bureau director Rino Abad.
“But it did not cause rollback so we still expect an increase next week but amounts are relatively smaller compared to last week,” Abad said.
Abad also said that the European Union ban on Russian oil imports caused an increase in oil prices.
However, the projected price adjustments are still subject to change. Oil firms will make an official announcement on Monday and will implement the hike on Tuesday.
The Department of Energy has released the latest data showing the latest year-to-date adjustments. The data shows that the total net increase stands at P28.70 per liter of gasoline and P41.15 per liter of diesel.
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