Another Pump Price Hike Expected Next Week
The Department of Energy announced that oil firms will implement another pump price hike starting next week.
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.
The Energy Department said that another increase in prices of petroleum products including gasoline, diesel, and kerosene. The looming price hike will mark the second straight week of increases for gasoline.
According to an energy official, there could be a possible hike of less than P1 per liter in the prices of gasoline, and more than P2 per liter of diesel and kerosene starting on Tuesday (October 18, 2022).
“Based on the first four days of trading, it appears that we could expect an increase, although not as big as what we saw last Tuesday,” DOE Oil Industry Management Bureau assistant director Rodela Romero said.
Romero explained that Asian countries have a bigger demand for diesel compared to gasoline, which causes a price hike. The authorities are hoping the oil price hikes will subside by November.
“Tingnan natin sa November pero hopefully hindi nga matuloy at meron pang factors na bumaba ang presyo,” Romero added.
DOE released the latest data available indicating the year-to-date adjustment, which stands at P15 per liter of gasoline, P35.80 per liter of diesel, and P26.75 per liter of gasoline.
What can you say about this looming price increase? Just feel free to leave your comments and reactions to this article.
Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; Facebook, Twitter, and YouTube