Another price hike for petroleum products awaits consumers next week, marking the second increase this month, according to the Department of Energy (DOE).
In a report by RH Jecelle Ricafort, Assistant Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau indicated that gasoline prices could rise by P0.40 to P0.70 per liter.
Furthermore, the anticipated price hike for diesel ranges from P0.45 to P0.75 per liter, while kerosene prices are expected to climb by P0.65 to P0.75 per liter.
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Gasoline - increase of 0.40 to 0.70
Diesel - increase of 0.45 to 0.75
Kerosene - increase of 0.65 to 0.75 pic.twitter.com/t9nQGujt2Z
Romero attributed the rise in prices to the decreased production by the Organization of the Petroleum Exporting Countries (OPEC) and Russia in December of the previous year.
Moreover, the strengthening economy in the U.S., the expected surge in demand in Asia, and the extreme winter conditions in the U.S. and Europe, with several regions declaring emergencies, could also influence the price increase.
