Big oil price hike set Tuesday

DAVAO CITY (MAY 21) —  Get ready for another round of oil price increase which will take effect, Tuesday, May 22.

The increase means more than P1 per liter,. This is the second increase round of oil price hike.

Different oil firms in the country set different prices,   unleaded gasoline will increase by P1.60/liter, diesel by P1.15/liter and kerosene by P1.00/liter.

The substantial price adjustment will take effect either at the stroke of midnight on May 22 or at 6AM, depending on the policy of the individual oil company.

It can be recalled that on May 15, the price of unleaded gasoline also went up by P1.10/liter, diesel by P1.20/liter and kerosene by P0.95 per liter. Prior to this, upward or downward price movements were often much less than P1.00/liter.

Spokesmen for local oil firms simply attributed the impending oil price hike to upward movements in world crude prices which they are simply passing on to consumers.

The Energy Department  earlier  said it will ask the oil players to explain the price adjustment but to no avail.-Newsline.ph