ANOTHER oil prices increase is expected next week based on the reported statement of the Department of Energy (DOE).
If it happens, it would be the third three successive weeks of fuel price hike since the start of June.
The increase would be industry estimates of price hikes of P2 to P2.30 per liter on diesel and P0.20 to 0.50 per liter on gasoline.
Last week, oil companies jacked up gasoline prices by P2.15 per liter; diesel by P4.30 per liter; and kerosene by P4.85 per liter.
The report said that this is due to “global supplies continue to be tight in terms of supply.”
Earlier, economists blamed the war in Ukraine launched on February 24th this year by Russia as the culprit of what appeared to be never-ending oil price spikes.
“Based on Department of Energy monitoring, the net increase in fuel prices since the start of the year stands at P28.70 per liter for gasoline, P41.15 per liter for diesel and P37.95 per liter for kerosene,” the report said.
About three weeks ago, gasoline and diesel pump prices hit P90+ per liter in Samar island, but much lower in Tacloban City, Leyte, according to a traveler.
In Tagbilaran City, Caltex offers P89.95 /liter for diesel, P86.45/liter for unleaded gasoline and P87.45/liter for premium (gasoline).
Increase of price hike of oil supply vary from place to place or they differ in few pesos offered by other player-retailers in the province.
For instance, in the northern part of Bohol, where it used to be the cheapest, has the costliest pump prices that almost all oil prices have already reached over P90/liter.
It was not immediately known why diesel price soars sky-high when it used to be the cheapest among the fuel products. (rvo)
