Motorists will have to shell out more money for fuel next week as oil prices are seen to increase by up to P2.50 per liter.
According to an advisory from UNIOIL, gasoline prices may increase by P2.30 to P2.50 per liter, while diesel prices may increase by P1.00 to P1.20 per liter. The price hike is expected to take effect between January 30 and February 5, 2024.
The rising global oil prices, which have influenced the local price hike, are caused by a combination of factors, including the growing conflict in the Red Sea after a missile hit an Israeli-owned tanker.
The situation is worsened by the ongoing supply cuts by the OPEC+ group, who want to keep prices high despite the pressure from consumer countries. Other factors, such as supply chain disruptions, pandemic uncertainties, and political instabilities in the Middle East also contribute.
Consumers are advised to use fuel efficiently and to monitor the price movements of different oil companies.
This is the second consecutive week of oil price increase in the Philippines. Last week, gasoline prices went up by P1.30 per liter, while diesel prices went up by P0.95 per liter. The year-to-date net adjustment of both gasoline and diesel so far stands at a net increase of P1.60/liter.
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