Update on Expected Oil Price Hike Post-Easter
OIL PRICE HIKE – The authorities in the oil industry warned the public that there might be a bigtime increase on oil prices on Tuesday, April 11, 2023.
The changes in the oil prices are among the product costs that affect a lot of people. These do not only affect individuals but as well as businesses. There are a lot of businesses and companies whose operation greatly depends on these products.
Also, among those who are mainly affected by any increase or decrease in the oil prices are public utility vehicle (PUV) drivers and private vehicle owners. There were several instances in the past when PUV drivers called for fare increase following a rise in the oil prices.
It was in some months of 2022 when oil prices soared and there were constant calls for fare increase, assistance for PUV drivers, and the suspension of the oil excise tax. The government declined the call to suspend the oil excise tax amid the high prices of oil products. Instead, fuel vouchers were released to the PUV drivers.
The oil industry constantly asserts that the costs of oil prices is market-based. In the Philippines, forecasts on whether there will be a drop in the prices of oil products or an oil price hike take place either on a Friday prior to the expected changes or on a Monday. Changes in the costs of oil are usually implemented on a Tuesday.
For this week, based on a report on ABS-CBN News, oil industry warned that there may be a bigtime oil price hike this Tuesday, April 11, 2023. The increase in the oil prices may be nearly P3.00 per liter. The following are the expected hike on the oil costs:
- Gasoline – P2.50 to P2.80 per liter
- Diesel – P1.50 to P1.80 per liter
- Kerosene – P1.80 to P2.10 per liter
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