Oil Price Hike Expected Next Week After 4 Weeks of Rollback

Gas Stations to Impose Oil Price Hike Next Week

Various gasoline stations are expecting an oil price hike next week after four weeks of consecutive fuel price rollbacks.

Nowadays, the cost of petroleum products is crucial to the economy of the nation. Pump price adjustment typically has a considerable effect on the nation’s cost of products and services.

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.

Oil Price Hike

Some oil companies in the Philippines eye an increase in prices of petroleum products including gasoline, diesel, and kerosene. The expected price increase will end the four straight weeks of price reduction.

A local oil industry source said that the prices of gasoline are expected to go up by P0.10-P0.30 per liter, P1.40 – P1.60 per liter of diesel, and P1.50 – P1.80 per liter of kerosene.

The Department of Energy-Oil Industry Management Bureau Director Rino Abad confirmed the slight increase in fuel prices. He claimed that the price hike for gasoline will not exceed P0.50 and diesel will be more than P1.00.

Oil Price Hike

However, the projected price adjustment will be subject to change. Oil firms will make an official announcement on Monday (December 19, 2022) and will implement changes on Tuesday (December 20, 2022).

The latest data available from the Department of Energy show that year-to-date adjustments stood at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene as of November 22, 2022.

What can you say about the looming oil price hike? 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; FacebookTwitter, and YouTube

Leave a Comment