Update on Oil Price Hike – 3rd Increase this January 2022
OIL PRICE HIKE – The authorities in the oil industry expressed that a big-time increase in oil prices is expected on January 18, 2022.
When it comes to the prices of oil products, it is not stable compared with other products which usually stick to a certain price for a longer period of time. There are sudden instances of price increases as well as rollbacks because there are several factors that affect it.
A lot of people are affected whether it is a price rollback or a price increase in oil. Among the main individuals affected are the public utility vehicles (PUVs). They don’t have a fixed income daily as it would depend on the price of the fuel, the passenger fare, and the number of commuters in a day.
In the last quarter of 2020, PUV drivers even asked for help amid a series of oil price hike instances along with the reduced capacity and the lowered number of commuters.
To aid the affected PUV drivers, the government released fuel assistance. Aside from the PUV drivers’ income, several other businesses that need oil for operation are also greatly affected if there is an oil price hike or rollback.
This 2022, the prices of oil have climbed twice already and, based on a report on ABS-CBN News, a big-time oil price hike is expected on January 18, 2022. According to the authorities from the oil industry, there is an increase in the demand for oil amid the threats of the Omicron variant of COVID-19 and there is also strictness on the supply.
Furthermore, the authorities in the oil industry also said that the fuel exports in China are low. Based on the report, here are the expected increases in fuel prices:
- Gasoline – P0.85 to P1.00 per liter
- Diesel – P1.70 to P1.80 per liter
- Kerosene – P2.10 to P2.20 per liter
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