Oil Industry Source Says Pump Price Hike Expected Next Week
An oil industry source said that Filipino motorists should brace for an expected pump price hike starting next week.
Oil price increases have become a common topic in recent years, affecting consumers, businesses, and economies all around the world. The price of oil, a critical commodity in modern society, has a substantial impact on industries such as transportation, industry, and energy, among others.
Filipino motorists should prepare for an upcoming increase in the prices of petroleum products such as gasoline, diesel, and kerosene following the recent rollbacks in fuel pump prices.
Unioil Petroleum Philippines forecasted that diesel prices may increase by P1.30 to P1.50 per liter, while gasoline prices may increase by P0.10 to P0.30 per liter for the week of March 7 to 13, 2023.
An oil industry source cited that diesel prices may go up by P1.10 to P1.30 per liter, and gasoline prices may increase by P0.05 to P0.25 per liter, based on oil trading from February 27 to March 2.
Fuel firms typically announce adjustments every Monday, with changes taking effect every Tuesday. As of February 28, gasoline had decreased by P0.70 per liter, diesel by P1.30 per liter, and kerosene by P1.80 per liter.
This brought the year-to-date adjustments to a net decrease of P2.40 per liter for diesel and P2.30 per liter for kerosene, while gasoline had a net increase of P5.30 per liter since the start of the year.
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