Update on Diesel Prices amid Possible Huge Increase
DIESEL PRICES – The authorities in the oil industry project that the price of diesel has a possibility of increasing by more than P6 per liter.
The people in several countries across the globe are having a problem with the increasing prices of oil. In the Philippines, the series of oil price hikes have started since January. Although there were instances of price rollback, the decrease in the prices is usually just a fraction of one big increase.
The drivers of public utility vehicles (PUVs) previously sought the help of the government as many of the appealed that they could no longer bring home an amount that could provide for the needs of their families due to the high prices of fuel.
The Philippine government released fuel subsidies for PUV drivers and fuel vouchers for fisherfolks and farmers who are using machinery for their livelihood.
Unfortunately, there is a possibility that the increase in pump prices will not stop anytime soon. In fact, based on a report on ABS-CBN News, the authorities in the oil industry project that diesel prices may be up as much as P6.00 per liter.
According to industry estimates, diesel prices may increase by as much as P6.40 to P6.70 per liter while kerosene prices may be up by P5.15 to P5.30 per liter. With regards to the gasoline prices, based on the report, they may be up by P2.65 to P2.80 per liter.
According to Energy Director Rino Abad, the increase may be felt in the next one to two weeks. The ongoing war between Russia and Ukraine which resulted in the global condemnation of the Russian government is seen as a big factor in the global oil problem now.
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