Big-Time Oil Price Hike Expected Next Week

Gas Stations Expected to Impose Big-Time Oil Price Hike Next Week

FUEL PRICE UPDATE – Several gasoline stations across the country are anticipated to implement a substantial oil price hike next week.

Nowadays, the prices of petroleum products play a crucial role in the country’s economy. Pump price adjustments typically have a significant impact on the prices of products and services in the country.

The pump price hike would add to the daily burden of Filipino people, especially those who rely on public vehicles for their livelihood and individuals using private vehicles to reach their destinations.

Some oil companies in the Philippines are considering an increase in the prices of petroleum products, including gasoline, diesel, and kerosene, on Tuesday (December 26, 2023).

The Department of Energy (DOE) announced that fuel prices are expected to increase in the last week of 2023 due to a surge in the international market. The DOE-Oil Industry Management Bureau’s Assistant Director, Rodela Romero, shared industry estimates for next week’s pump price

Romero said that gasoline prices are expected to increase by P1.40 to P1.60 per liter, diesel by P1.40 to P1.60 per liter, and kerosene by P1.60 to P1.80 per liter.

Romero explained that the big-time oil price hike were due to the unexpected buildup in US crude stockpiles and discussions about a potential ceasefire in the Israel-Hamas conflict.

Additionally, she emphasized the trend of oil companies and tanker owners avoiding the Red Sea due to increased attacks by rebels in the area, contributing to the rising oil prices.

During the current week, oil companies raised diesel prices after two consecutive weeks of rollbacks and lowered kerosene prices for the second straight week. Gasoline prices, however, remained unchanged.

This is a developing report, just visit this website regularly or refresh the page for further updates and information.