Motorists better gas up soon, as DOE issued an advisory on a new round of oil price hikes next week. In its advisory, the DOE sees gas increasing by around Php 3.50 per liter, while diesel will have a higher price hike at around Php 4.50 per liter.
Oil Industry Management Bureau Rino Abad explained in an interview that the new round of price hikes is due to the halt in the peace talks between Ukraine and Russia, the talks of banning Russia’s energy exports, and the relaxation of lockdowns in Shanghai.
“The DOE is closely monitoring global oil supply and price movements, in coordination with our downstream oil industry players. We are working to exhaust all measures that would help uphold consumer welfare during this challenging period,” DOE Secretary Alfonso Cusi said in a statement.
Last April 19, oil firms raised prices for diesel by Php 1.70 per liter, while gas prices increased by Php 0.45 per liter. There only have been three oil price rollbacks since the start of 2022, and year-to-date adjustments are at a net increase of P15.45 per liter for gasoline and P27.35 per liter for diesel.
Despite the series of price hikes, the DOE highly encourages motorists to report gas stations with unreasonable prices.
Article From: HowToGeek