Oil price hike to continue in the coming months

Oil price hike to continue in the coming months
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ANOTHER big-time pump price hike is set on Tuesday, April 9, 2024.

In their respective advisories, Pilipinas Shell, Cleanfuel, and Seaoil said there will be a P1.10 per liter price increase for gasoline, P1.55 per liter on diesel and P1.40 per liter on kerosene.

Seaoil and Pilipinas Shell will implement the price adjustment by 6 a.m. while Cleanfuel will have it effective starting at 4:01 p.m.

Other companies are also expected to implement oil price hikes.

In a radio interview, Department of Energy-Oil Industry Management Bureau Director Rino Abad said the continuous increase of oil prices may be expected in the coming months considering the higher demand from China, India and the United States, which were the top three oil consumers.

Abad also noted that the Organization of Petroleum Exporting Countries (OPEC) has also implemented a production cut of 2.2 million barrels per day.

“Mahirap sabihin na may chance na pagbaba. Wala pa ho tayong nakikitang event or factor na pwedeng magbaba unless, mag-implement again ang US at Europe ng interest rate hike, mejo malayo hong mangyari kasi recently ‘yung nagging decision ng US federal reserve ay unchanged po ang kanilang interest rate,” he said.

(It is difficult to say that there is a chance of a decrease in prices. We don't see any events or factors that can decrease unless the US and Europe implement an interest rate hike again, but that is far from happening because recently, the decision of the US federal reserve is that their interest rate is unchanged.)

At present, the common price of gasoline in the country is P69 per liter, diesel at P63 to P64 per liter, and kerosene around P75 per liter.

Meanwhile, Abad said they have already issued a certification that would trigger the provision of cash aid to sectors affected by the continuous oil price hike such as agriculture and transportation. (TPM/SunStar Philippines)


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