Update on the Oil Price Hike Forecast Next Week
OIL PRICE HIKE – The authorities in the oil industry expect that the cost of diesel will increase by at least P6 on Tuesday.
A lot of Filipinos are affected by the changes on the prices of fuel. Most of these are drivers of public utility vehicles (PUVs) and owners of private vehicles. Many businesses are also affected by these changes.
In the case of businesses, they may be forced to increase the rates of their products or services in case the transport fees go up to mitigate their expenses with their profits. Vegetable vendors are highly affected if the costs of fuel goes up because most of them transport their products from another city or province.
The prices of fuel in the country is dependent on its status in the world market. In the face of a global oil problem, it is really expected to go up not only in the Philippines but in most countries across the globe.
In PH, the changes in the prices of fuel are usually implemented on a Tuesday. Prior to it, there are already forecast based on the world market’s Friday closing.
Based on a report on ABS-CBN News, an oil price hike is expected next week. It followed a series of oil price rollbacks for five straight weeks.
According to the report, it is expected that at least P6 per liter will be added on the cost of diesel on Tuesday. The prices of gasoline and kerosene are also expected to increase. The following is the expected oil price hike:
- Diesel – P6 to P6.20 per liter
- Gasoline – P1.20 to P1.40 per liter
- Kerosene – P3.50 to P3.70 per liter
According to the Department of Energy, the expected increase on the prices of fuel is due to the OPEC+’s decision to reduce the oil production by two (2) barrels per day. More updates may be posted soon.
You may also visit – BPI Loan Application Process: How To Apply for Cash Salary Loan
