Details on Expected Oil Price Hike Next Week
OIL PRICE HIKE – Another increase in the prices of oil products in the Philippines is expected to take place next week.
The Filipinos are currently struggling due to the high prices of basic goods and commodities in the country and as well as the series of oil price increases. The latter have started in January and it has brought the prices of fuel to amounts that bring financial challenges to many people.
The continuous increases in the prices of oil in the country led the per liter pricing of diesel and gasoline to reach P90. Several drivers of public utility vehicles (PUVs) complained that they can no longer earn due to the high prices of fuel.
Previously, the government released fuel subsidies but some PUV drivers claimed they have yet to receive theirs. Many are calling for the suspension of the fuel excise tax but, according to Malacañang, it cannot be approved as the budget has already been allotted for the infrastructure projects and other programs of the government.
Several transport groups have filed petitions seeking an increase in the minimum fare in jeepneys. The provincial bus group is also planning to file a petition seeking a fare increase in buses.
Currently, there is another oil price hike expected next week. Based on a report on ABS-CBN News, the price of diesel per liter may go up to as much as P3 next week.
It is no secret to the public that the ongoing war between Russia and Ukraine has triggered the global oil problem. Based on the report, the following price increases are expected next week:
- Diesel – P2.40 to P2.70 per liter
- Kerosene – P1.60 to P2 per liter
- Gasoline – P0.30 to P0.60 per liter
However, based on the report, the price increases may go higher than the indicated forecasts because the oil price hike did not cite the premium charges. More updates may be posted soon.
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