Update on Oil Price Hike in PH amid Ukraine-Russia Tension
OIL PRICE HIKE – The prices of diesel and gas may experience a huge increase amid the tension between Ukraine and Russia.
The Filipino people are currently dealing with several common problems – the COVID-19 pandemic, the series of increases in the price of oil, financial insufficiencies following the loss of jobs or shutting down of businesses, and a lot more.
With regards to the oil price hike problem, it was as early as January 2022 when the first oil price hike of the year took place and, every week, there is an increase in the oil prices. The vehicle owners and the public utility vehicle (PUV) drivers are greatly affected by the series of increases in the prices of oil products.
Many businesses are also having a hard time now as their operation requires huge amounts of oil products. In the case of PUV drivers, many are calling for help from the government as they can hardly bring home an amount for their family’s needs due to the high prices of fuel.
The government responded to the call of the PUV drivers and assured them that fuel assistance would be released. According to the Department of Energy, the reason behind the increase in oil prices is the shortage of supply that cannot cope with the global demands.
The authorities said that the oil price hike may continue until the month of May or June. However, due to the current tension between Ukraine and Russia, another high increase may be expected.
Based on a report on ABS-CBN News, amid the Russian invasion in Ukraine, the prices of diesel may increase by as much as Php 5.30 to Php 5.50 per liter. The gas prices may also increase by as much as Php 3.60 to Php 3.80 per liter.
According to the report, with regards to the prices of kerosene, it may go up by as much as Php 4.00 to Php 4.10. Currently, Russia which is one of the biggest producers of oil across the globe is facing economic sanctions due to its action on Ukraine. The increase in oil prices may further affect the prices of basic commodities.
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