Oil Firms Expected Fuel Price Hike Next Week After 7 Weeks of Rollback
Several oil firms in the country announced a fuel price hike starting next week after 7 weeks of consecutive rollbacks.
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.
Some oil companies in the Philippines said that an increase in prices of petroleum products including gasoline, diesel, and kerosene is expected next week. The hike comes after nearly two months of price reductions.
According to a source from the oil industry, prices of gasoline will increase by P0.10 to P0.30 per liter, and P2 to P2.20 per liter of diesel. The projected price hike is still subject to changes in the next few days.
Department of Energy Oil Industry Management Bureau Assistant Director Rodela Romero confirmed the oil price hike.
“Ang kadahilalanan lumaki ang pagbaba sa imbentaryo ng krudo ng United States, Andun pa rin sa isyu ng tightness ng supply [dahil sa] geopolitical conflict such as the Russia-Ukraine war,” Romero said.
Gasoline stations usually make an announcement every Monday and implement price changes every Tuesday.
DOE also released the latest data available showing the year-to-date adjustment, which stands at P29.10 per liter of diesel, P24.30 per liter of kerosene, and P17.45 per liter of gasoline products.
What can you say about the looming price increase? Just feel free to leave your comments and reactions to this article.
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