Another Round of Pump Price Hike Expected Next Week, Oil Companies Says
OIL PRICE INCREASE – Several oil companies announced the possibility of another pump price hike in the coming week.
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.
Numerous gasoline stations in the country told Filipino motorists to brace for another round of increases in prices of petroleum products such as gasoline, diesel, and kerosene starting next week.
According to an oil industry source, the big-time oil price hike will charge an additional P1.30 to P1.60 per liter of gasoline and P5.40 to P5.70 per liter of diesel.
The Department of Energy-Oil Industry Management Bureau Director Rino Abad confirmed the looming price increase next week. The official said that the prices of diesel will increase by more than P5 per liter and gasoline by more or less P1 per liter.
Abad said that the movement of oil prices in the world market, the increase in fuel demands in the US, and the Russia-Ukraine war are the major reason for the price surge.
However, the project fuel prices will be subject to change. Oil firms usually make an official price adjustment every Monday and implement it on the following day.
DOE also released the year-to-date total adjustments, which stand at a net increase of P18.15 per liter of gasoline and P31.70 per liter of diesel.
What can you say about the expected oil price changes? Just feel free to leave your comments and reactions to this article.
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