Big-Time Fuel Price Hike Expected Next Week, DOE Says
OIL PRICE UPDATE – The Department of Energy advises Filipino motorists to brace for big-time fuel price hike starting next week.
Next week, fuel prices are expected to increase. The huge surge in fuel prices increase will affect petroleum products including gasoline, diesel, and kerosene.
Gasoline prices will go up by P1.10 to P1.40 per liter, diesel will rise by P1.70 to P1.90 per liter and kerosene will increase by P1.10 to P1.20 per liter.
The DOE says this hike is due to a combination of factors that have been affecting oil prices over the past week. First, a series of storms in the United States is expected to disrupt oil production in the Gulf of Mexico.
On top of that, OPEC+ (the group of oil-producing countries) has delayed its planned production boost, which has also contributed to rising prices. The U.S. Federal Reserve’s plan to cut interest rates to manage inflation is another factor pushing up global oil prices.
The weaker peso is also playing a role, as the Philippines needs more pesos to buy oil, which is priced in U.S. dollars. Additionally, the rising cost of freight and other related expenses is adding pressure on pump prices.
For consumers in areas under a State of Calamity, the DOE reminded that a price freeze on LPG and kerosene will be enforced for 15 days upon the declaration.
Oil companies usually announce price changes every Monday, which take effect the following day. The looming fuel price hike will take effect on Tuesday, November 12, 2024.
The social media users expressed their reactions to the announcement:
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
READ ALSO: DOE Says Mixed Oil Price Adjustments Expected Next Week