Big Time Fuel Price Increase Seen Next Week

Big Time Fuel Price Increase Seen Next Week

After five consecutive rollbacks, a fuel price increase is finally taking place next week according to GMA News Online.

Big Time Fuel Price Increase Seen Next Week

According to the said source, the price per liter of diesel may increase by Php 6 to Php 6.30. On the other hand, gasoline prices may go up by Php 1.10 to Php 1.40 per liter.

Recently, Oil Industry Management Bureau Director Rino Abad warned us that the move by the Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels will have a negative impact on the prices.

“May indikasyon na mukhang magkakaroon ng increase next week,” Abad said during state-run PTV’s public briefing on Friday

As usual, oil companies announce the price adjustment every Monday and implement it the following day.

Last week, fuel firms slashed the price of gasoline by Php 0.40 per liter, diesel by Php 0.45 per liter, and kerosene by Php 0.85 per liter. This movement has brought the year-to-date adjustments to stand at a net increase of Php 14.45 per liter for gasoline, Php 28.95 per liter for diesel, and Php 23.25 per liter for kerosene.

According to the Department of Energy, as of October 6, gas prices range from Php 60 to Php 71.05, while diesel prices range from Php 69.69 to Php 74.25

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