Oil Firms to Implement Big-Time Oil Price Hike Expected Next Week
Filipino motorists to brace for upcoming big-time oil price hike starting next week after a few weeks of rollbacks.
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.
According to an oil industry source, the prices of petroleum products including gasoline, diesel, and kerosene are expected to increase next week. Filipino motorists will be greeted with a hefty pump price hike.
The prices of gasoline are expected to increase by P1.10 to P1.40 per liter while diesel may go up by P6 to P6.30 per liter and kerosene by P3.50 to P3.70 per liter on Tuesday (October 11, 2022).
Oil Industry Management Bureau Director Rino Abad explained that the cut of oil production due to the US’s aggressive interest rate hikes is one of the major factors for the looming pump price increase.
However, the projected fuel price adjustments are still subject to change. Oil companies usually price adjustments every Monday and implement them on the following day.
The Department of Energy also released the data showing the year-to-date adjustments to stand at a net increase of P14.45 per liter of gasoline, P28.95 per liter of diesel, and P23.25 per liter of kerosene.
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