Gas Stations to Impose Oil Price Hike Next Week
FUEL PRICE UPDATE – Various gasoline stations in the country are set to implement another oil price hike next week.
Motorists may have to set aside a little more for fuel next week as another round of price increases is expected. Early monitoring from the Department of Energy (DOE) shows upward movements in international oil trading, which will likely translate into higher pump prices locally.
Based on the latest data from the first four days of Mean of Platts Singapore trading, gasoline is projected to go up by about P0.60 per liter, while diesel may climb by P0.75. Kerosene could also see a bigger jump of around P1.00 per liter.
These projected prices are still subject to final adjustments once oil companies compute their operating costs and other required premiums.
The DOE noted that several global factors continue to push prices higher. The recent drop of the Philippine peso to a record low against the US dollar has made imported fuel more expensive.
International prices also reacted to new US sanctions on Russian oil companies, as well as the reopening of essential government operations in the United States, which increased its demand for fuel.
Local oil firms have also released their own projections. Some companies expect diesel to rise by up to P1.20 per liter, while gasoline may increase by as much as P1.50 per liter. If these adjustments push through, it will be the fourth straight week of price increases for diesel and the seventh for gasoline.
This week alone, motorists already saw gasoline go up by P0.50 and diesel by P1.00 kerosene prices, however, remained unchanged due to a nationwide price freeze.
Fuel companies typically announce official adjustments every Monday, with the changes taking effect the following day. With another hike expected, many drivers are once again preparing for the added cost.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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