Massive fuel price hike expected this week

massive fuel price hike expected this week 1

In a Unioil Petroleum Philippines’ forecast, Filipinos could expect another round of significant increases in domestic petroleum product pump prices in the coming week, which could mark the 11th consecutive week of gasoline price rises.

For the period of March 15 to 21, Unioil Petroleum Philippines said diesel prices might rise by ₱12.20 to ₱12.30 per liter, while gasoline prices could rise by ₱6.80 to ₱7.00 per liter, according to its fuel price estimate released on Saturday.

Diesel prices have risen dramatically due to higher demand for this fuel in the Asian spot market than for gasoline. Aside from pricing, the liberalization of the regional diesel market continues to raise prices, particularly for imported finished petroleum products.

The price forecasts are based on oil trading data from the Mean of Platts Singapore (MOPS).



MOPS, a Singapore-based market wire service, is used by the local oil sector. It contains the daily average of all trading transactions between buyers and sellers of petroleum products, as assessed and summarized by Standard and Poor’s Platts.

Meanwhile, the government had already set aside funds for gasoline subsidies to assist affected industries in dealing with rising prices.

This includes a P5 billion fuel subsidy for public transportation and a P1.1 billion financial support package for agricultural workers.

The Land Transportation Franchising and Regulatory Board said that the aid for drivers and operators of public utility vehicles will begin on March 15. Read more here about fuel subsidy for PUV drivers.




WhatALife!

Source: (www.gmanetwork.com)


Also Read: LTFRB will start distribution of Fuel subsidy for PUV drivers

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