Oil price hike expected this Holy Week
MANILA, Philippines — Oil firms are expected to increase fuel prices during the upcoming Holy Week.
Based on four-day trading prices, gasoline prices are anticipated to hike by a maximum of P2.40 per liter, and diesel prices are projected to go up by a maximum of P1.75 per liter.
Kerosene prices, on the other hand, is expected to have an increase of up to P1.50 per liter.
Department of Energy-Oil Industry Management Bureau Director Rodela Romero attributed the projected price hike to the decrease in crude exports from Iraq; the withdrawal of gasoline and crude stockpiles from the United States and the speculation regarding the effects of Ukraine's recent assaults on Russian big three refineries.
Last Tuesday, oil firms implemented mixed adjustments in pump prices.
The following are the adjustments in oil prices:
- Diesel prices - down by P0.10 per liter
- Gasoline prices - up by P0.10 per liter
- Kerosene prices - no movement
Final price adjustments will be announced by oil companies on Monday and to be implemented on Tuesday next week.
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