Huge Fuel Price Hike Expected Next Week

Huge Fuel Price Hike Expected Next Week

It seems that the increase on fuel prices will not be stopping any time soon. Unioil Petroleum Philippines has said on Saturday that oil companies are going to raise prices again starting next week.

Another Fuel Price Hike Expected Next Week

In its report, Unioil has estimated that diesel price may go up by P5.40 to P5.50 per liter and gasoline price may increase by P3.40 to P3.50 per liter from March 8 to 14.

Unioil Petroleum Philippines also predicts an increase in the price of diesel by P4/liter and gasoline by P3/liter starting next week.

If this will indeed happen, it will be the tenth straight week that fuel companies increased their costs.

Oil companies in the country implemented a price increase in oil products on March 1. Gasoline has increased by P0.90 per liter, diesel by P0.80 per liter, and kerosene by P0.75 per liter. These brought the year-to-date adjustments to stand at a total net increase of P9.65 per liter for gasoline, P11.65 for diesel, and P10.30 for kerosene.

The Department of Energy, however, earlier assured that the Russia-Ukraine conflict will have no direct impact on the country’s oil supply despite Russia being a top oil-exporting nation.

It also urged motorists to report gasoline stations with unreasonable pricing. These stations will be investigated and penalized if found guilty.

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