Details about the Expected Oil Price Hike Next Week
OIL PRICE HIKE – Another increase on the prices of diesel, gasoline, and kerosene are expected next week according to oil industry experts.
The prices of oil usually change on a weekly basis. It would either go or down depending on the status of the product in the world market. Unfortunately, this 2022, the Filipinos have experiences some of the highest costs of diesel, gasoline, and kerosene.
There were weeks when the price of diesel reached over P85 per liter in some gasoline station. The said weeks were filled with calls from private individuals and public utility vehicle (PUV) drivers for fuel subsidy or the suspension of the oil excise tax.
Meanwhile, the series of rollbacks in the previous weeks have greatly helped the situation of several people including PUV drivers. Before then, many drivers complain that they could hardly bring a good amount for the needs in their household due to the high costs of oil.
However, recently, the price of diesel went up by as much as P6.00 per liter. Gasoline and kerosene prices also moved on an upward trend.
Another oil price hike is also expected next week. The oil industry experts forecast an increase in the prices of not just diesel but as well as kerosene and gasoline.
Based on a report on ABS-CBN News, the expected oil price hike is projected to move the cost of diesel and kerosene by P2.70 to P3 up. Gasoline prices are expected to increase by P0.80 to P1.10 per liter.
According to the report, the OPEC Plus is seen to reduce the production of oil products. Also, it is expected that oil prices increase during Winter and the strong US dollar amid the weakening Philippine Peso.
You may also visit – Requirements for Pag-IBIG Calamity Loan – The List of Documents To Submit in Applying
