Oil Companies Expect Another Pump Price Hike Next Week
OIL PRICE INCREASE – Several local firms are expecting another pump price hike starting next week after two rounds of rollbacks.
Over the past few days, the prices of petroleum products play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
The consecutive oil price hike during the past few months contribute to the daily burden of Filipino people especially to those who were in public transport sector. The increasing fuel prices prompted various transport groups to ask for fuel subsidy.
The local oil firm Unioil Petroleum Philippines announced that vehicle drivers and motorcycle riders will brace again for another fuel price hike. The prices of petroleum products including gasoline, diesel and kerosene will increase starting next week.
Unioil released a fuel price forecast of additional P0.40 to P0.50 per liter of gasoline and P1.70 to P1.80 per liter of diesel for the April 19 to 25 trading week. The expected increase came after two weeks of consecutive price reduction.
Gasoline stations are set to announce the official price adjustments on Monday.
Last April 12, 2022, the oil companies in the country implement a price rollback of P1.00 per liter of gasoline, P0.35 per liter of diesel, and P3 per liter of kerosene.
The Department of Energy has also released the latest year-to-date adjustments. The data shows a total net increase of P15 per liter of gasoline, P26.65 per liter of diesel, and P21.10 per liter of kerosene.
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