Oil Industry Source Eyes Fuel Price Hike Next Week

Fuel Price Hike Expected Next Week, Oil Industry Source Says

According to an oil industry source, gasoline stations are expected to implement a fuel price hike starting next week.

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 Industry Source

Recently, an oil industry source informed Filipino motorists to brace for an increase in prices of petroleum products such as gasoline, diesel and kerosene.  The possible price hike will take effect on Tuesday (January 17, 2023).

The oil companies are expected to impose an additional amount of P0.30 to P0.50 per liter of gasoline and diesel. However, gas firms have yet to release further announcements regarding kerosene prices.

Gasoline stations usually release an announcement regarding price adjustment every Monday and implement it on the following day.

Oil Industry Source

The Department of Energy released the latest data available showing the total adjustment this year to stand at a net increase of P2.15 per liter for gasoline, and P0.95 per liter for kerosene; diesel at a net decrease of P0.70 per liter.

Last week, oil firms implemented a rollback in prices of gasoline by P0.75 per liter, diesel by P2.80 per liter, and kerosene by P2.10 per liter.

What can you say about the looming oil price hike? Just feel free to leave your comments and reactions to this article.

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Read Also: Oil Price Hike Expected Next Week After 4 Weeks of Rollback

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