Fuel Firms Eye Another Round of Oil Price Hike Next Week

Another Round of Oil Price Hike Expected Next Week

Several fuel firms eye another round of oil price hike starting next week following the last price increase last week.

Fuel prices 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.

The consecutive oil price hike during the past few months contributed to the daily burden of Filipino people, especially those who were in the public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.

Oil Price Hike

Various oil companies in the country were expecting an increase in the prices of petroleum products including gasoline, diesel, and kerosene. The possible price hike would be hefty for both gasoline and diesel.

Cleanfuel said that gasoline prices may increase by P2.30 per liter while diesel will go up P2 per liter. According to an oil industry source, the price hike may range from P1.90 to P2.10 per liter for diesel and more than P2 per liter for gasoline.

China’s efforts to reopen as it withdrew from a zero-COVID policy that has sparked protests and surging demand for oil have been cited by the Department of Energy as the main reason for the price increase.

However, the project price adjustments are still subject to change. Oil firms usually released announcements every Monday and implement it on the following day. It will mark the second consecutive week of price hikes for gasoline and diesel.

The Department of Energy released the latest available data showing the total year-to-date adjustments, which stand at a net increase of P3.10 per liter of gasoline and P0.80 per liter of kerosene, while diesel has a net decrease P0.20 per liter.

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