Diesel Prices May Get Big-Time Increase Next Week

Energy Officials Say Diesel Prices May Increase Next Week

DIESEL PRICES – Officials of the Department of Energy expect the possibility that the costs of diesel and gasoline may increase next week.

Many people are affected every time the prices of oil will increase or decrease. It is mainly because many individuals either own a private vehicle or earn as drivers of public utility vehicles (PUVs). This is apart from the fact that many businesses are affected by oil price hikes and drops, too.

Currently, the world is in the midst of a problem with regard to the oil supply. Experts consider the ongoing tension between Russia and Ukraine as a factor in the global oil problem. The supply does not meet the demands thus oil prices increased.

Meanwhile, there were also instances when oil prices dropped. In the Philippines, the recent rollbacks in oil prices were greatly appreciated by a lot of people most especially PUV drivers and private vehicle owners.

However, recently, an update about oil price hikes crossed the surface. Based on a report on ABS-CBN News, diesel prices may increase by as much as P5 per liter next week as to the official of the Department of Energy.

According to the Department of Energy Oil Industry Management Bureau assistant director Rodela Romero, the predicted increase in oil prices next week is due to the demand for petroleum products. Meanwhile, she stressed that things will still depend on the trading.

Aside from a possible increase of up to P5 per liter of diesel prices, gasoline is also expected to rise by more than P1 per liter. Romero stressed that they are waiting the closing of the trading today, Friday, to determine its impact on the adjustment on oil costs for Tuesday. More updates may be posted soon.

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