Update on 2nd Oil Price Hike According to Authorities
OIL PRICE HIKE – Another increase in the prices of fuel is expected on January 11, 2022 according to the authorities in the oil industry.
The increase in the prices of oil is one of the price hikes that affect a lot of people. Among those who are greatly affected are the drivers of public utility vehicles (PUVs) unless there are fuel assistance or an increase in the fare. Previously, it reached the point that transport groups called for a P3.00 increase on the minimum jeepney fare.
Then, the struggles of the PUV drivers were triggered by the reduced capacity of the vehicles to pave way for social distancing amid the COVID-19 pandemic. Also, a huge part of the population of commuters is on a work-from-home setup or, for students, under distanced learning.
The government assured the drivers of registered PUVs of fuel assistance. Aside from the PUV drivers, several businesses are also affected every time fuel prices increase. Even food products may be affected by the increase in the prices of oil. Meanwhile, there are also rollbacks that come as breather to those affected.
Recently, an update about another oil price hike crossed the surface. The authorities in the oil industry gave some details and as well as the cause of the fuel increases set next week.
Based on a report on ABS-CBN News, the following are the expected oil price hike on January 11, 2022 as to the authorities in the industry:
- Gasoline – P0.75 – P0.90 per liter
- Diesel – P0.95 – P1.05 per liter
- Kerosene – P0.80- P0.90 per liter
According to the oil industry, the expected increases in the prices of oil on January 11, 2022 are due to the spike in the demand for oil and the weakening of the Philippine Peso-Dollar exchange.