Fuel Companies to Implement Another Oil Price Hike Set Next Week
FUEL PRICE UPDATE – Several gasoline stations in the country are expected to impose another oil price hike next week.
Filipino motorists will face another increase in pump prices starting next week. Based on the latest monitoring of international oil trading, gasoline, diesel, and kerosene prices could all go up in the coming days.
The Department of Energy said gasoline prices may increase by as much as P1.50 per liter, while diesel prices could rise by around P1.00 to P1.30 per liter. Kerosene prices are also expected to increase.
The adjustment will still depend on the final trading results before oil companies make their official announcement on Monday.
Despite smaller increases, many drivers are still worried since fuel prices have already gone up several times this year. Public utility vehicle drivers, delivery riders, and ordinary commuters are expected to feel the impact once again as transportation and daily expenses continue to rise.
According to energy officials, the possible increase is connected to ongoing supply problems in the global oil market. Tension in the Middle East continues to affect the movement of oil supplies, while stronger fuel demand from other countries is also pushing prices higher.
Experts also pointed out that reduced fuel production in some parts of Europe has added pressure to the market.
Last week, oil companies already raised gasoline and diesel prices, adding more burden to motorists. Based on DOE records, fuel prices this year have already climbed by more than P48 per liter for gasoline and over P44 per liter for diesel.
Meanwhile, the government continues to expand its diesel subsidy program for public utility vehicle drivers. Nearly 1,000 gasoline stations across the country have already joined the program to help reduce the effect of rising oil prices on drivers and commuters.
This is a developing report, just visit this website regularly or refresh the page for further updates.
