OIL companies are expected to impose on Tuesday, March 29, 2022, the 12th increase in fuel prices since January this year.
Lawyer Russ Mark Gamallo, Department of Energy (DOE) Visayas field director, told SunStar Cebu on Monday, March 28, that oil companies are expected to increase around P3 for gasoline while P7 to P8 and P8 to P9 for diesel and kerosene, respectively.
Gamallo said this is the 12th time that oil prices have increased this year. The price hike though happened not in consecutive weeks as there was a drop in prices last week.
Gamallo admitted that oil prices continue to fluctuate due to the ongoing war between Russia and Ukraine, which has now reached its 35th day.
Another factor to the continuing fluctuating oil prices is the recent bombing of oil refineries in Jeddah, Kingdom of Saudi Arabia by suspected Houthi rebels.
Gamallo, however, assured that the Visayas region has sufficient fuel stocks to address the demand of motorists. (MKG, PAC / JKV)