Another Round of Oil Price Hike Next Week, Industry Source Says
PUMP PRICE ADJUSTMENT – An industry source is expecting another round of oil price hike starting next 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.
Various gasoline stations in the country are expected to impose another round of increases on the prices of petroleum products such as gasoline, diesel, and kerosene. It will mark the third straight week of increases this year.
According to an oil industry source, gasoline prices will increase by P1.20 to P1.40 per liter while diesel may go up by P0.60 to P0.80 per liter. Oil Industry Management Bureau Director Rino Abad confirmed the price adjustment.
However, the projected oil price adjustment is still subject to change. Oil companies usually announce price adjustments every Monday and implement price changes every Tuesday.
The Department of Energy has released the latest data available showing a total net increase this year. The data shows a total increase of P5.90 per liter of gasoline, P2.05 per liter of diesel, and P3.20 per liter of kerosene.
Last week, pump prices have increased by P2.80 per liter of gasoline, P2.25 per liter of diesel, and P2.40 per liter of kerosene.
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