Update on Oil Price Increase Forecast for Next Week
OIL PRICE INCREASE – The gas prices are projected to once again take an upward trend by as much as P4.00 per liter next week.
Amid the struggles caused by the impact of the COVID-19 pandemic, the Philippines and most countries across the globe were forced to face another challenge – the series of oil price hikes. The authorities previously explained that it is due to the high demand for oil globally.
Furthermore, the ongoing invasion of Russia in Ukraine has also affected the oil supply problem across the globe. Several countries previously agreed to release their oil reserves to help mediate the needs.
In the Philippines, drivers of public utility vehicles (PUVs) previously called for assistance from the government amid the big collective oil price increase that started in January. Many of them aired their sentiments that they can hardly bring home an amount that can cope with the needs of their families.
The Philippine government released fuel subsidies for PUV drivers. It also released fuel vouchers for fishermen and farmers. However, some PUV drivers claimed that they have yet to receive their fuel subsidies. Many also call for long-term solutions as the oil price hike continues.
Recently, a forecast about a possible oil price increase next week crossed the surface. Based on an article on ABS-CBN News, the increase may reach as much as P4.00 per liter. The insiders in the oil industry said that the hike is due to the limited supply now across the globe.
The projected oil price increase may bring the price of diesel between P3.80 to P4.00 up per liter. For gasoline, the increase may be between P4.30 to P4.50 per liter and between P4.7 to P4.90 per liter for kerosene.
You may also visit – Japan To Release 15 Million Barrels of Oil Reserves amid Russia-Ukraine War
