DAVAO CITY —– Oil industry players is set to impose P5.40 to 5.70 per liter increase of diesel while P1.30 to P1.60 per liter for gasoline. next week.
Local oil depot owners here told Newsline “We expect oil prices to increase next week, we were told that the price increase is due to the oil price in the world market.”
Department of Energy-Oil Industry Management Bureau Director Rino Abad in an interview with GMA news online confirmed that a price hike looms next week with diesel prices expected to increase by “more than P5 per liter” while gasoline may be hiked by “more or less P1 per liter.”
Abad cited the movement of oil prices in the world market include the increasing demand for fuel in the United States and Europe amid the lingering concerns of supply shortage brought by the Russia-Ukraine war.
On the same interview, Abad said Russia is also refusing to supply oil to Europe, which further added to supply pressures.
Oil companies usually announce price adjustments every Monday, to be implemented on the following day.
