Details about the Expected Bigtime Oil Price Hike this Tuesday
OIL PRICE HIKE – The oil industry authorities warned that a huge increase in prices of oil products is expected on Tuesday, April 11, 2023.
The costs of oil products are market-based – that is what the authorities in the oil industry continually reminds the public most especially when there are huge changes. The movements in the costs of oil products are among those that affect a lot of people.
Many individuals most especially the drivers of the public utility vehicles (PUVs) and private vehicle owners are greatly affected when there is a bigtime oil price hike. They also benefit and are relieved when there are huge drops in the costs of oil.
Aside from the individuals who have vehicles, there are also businesses that are affected by the changes in the costs of oil products. Among these are those that have delivery services. Farmers and fishermen may also be affected by the high costs of oil products.
In the Philippines, forecasts on whether the prices of oil are about to go up or down are usually released in the week prior to the implementation on the changes of the costs. It usually happens on a Friday after the market closes. By Monday, there are figures released in line with the estimated oil price hike or drop.
Recently, the authorities in the oil industry warned that a bigtime oil price hike may take place tomorrow, Tuesday, April 10, 2023. Based on a report on ABS-CBN News, the increase in the price of gasoline nearly hit P3.00 per liter.
Based on the report, the increase are expected in the costs of gasoline, diesel, and kerosene. The following are the estimated increase:
- Gasoline – P2.50 to P2.80 per liter
- Diesel – P1.50 to P1.80 per liter
- Kerosene – P1.80 to P2.10 per liter
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