Another ‘big-time’ oil price hike seen

June 11, 2022 Edd Reyes 138 views

LOCAL oil companies are expected to unleash their second wave of “super” big-time fuel price increases this coming week, which will account for their 16th price hike this year.

Estimated price movement according to energy sources showed that diesel products might increase by P4.25 to P4.50 per liter, gasoline by P1.50 to P1.75 per liter, and kerosene by P4.75 to P5.00 per liter.

Last week, big and small oil firms implemented a price increase for diesel by P6.55 per liter, gasoline by P2.70 per liter, and kerosene by P5.45 per liter.

Oil companies usually announce their fuel price adjustments every Monday, which will take effect the following day, Tuesday.

Earlier, the Oil Industry Management Bureau of the Department of Energy (DOE) said they expect a continuous increase in petroleum products in the coming weeks, still due to the war waged by Russia against Ukraine.