Huge Oil-Price Hike Next Week

Diesel and gasoline prices to increase next week. Oil prices continued to soar high as the tension between Ukraine and Russia persist.

Recently, diesel has increased Php 5.85 per liter while gasoline increased Php 3.60 per liter but not is the final price yet since it will increase again next week due to the tension between Ukraine and Russia.

An estimated price increase has been announced. Gasoline will increase Php 6.90 to Php 7.20 per liter while Diesel will increase by Php 11.80 to Php 12 per liter. Kerosene will also increase Php 9.70 up to Php 9.80 per liter. Shell, Petron, Caltex, Seaoil, CleanFuel, and other oil companies are expected to follow the same increase rate.

This is the 11th straight week of oil prices increase. Many people have been affected especially public utility drivers who use vehicles as their source of income.

The Philippine government has created a way to help public transportation drivers. They are set to distribute a fuel subsidy amounting to Php 6,500. However, the public transportation group said that this will only be a temporary solution. If the oil price continues to soar high, they might not be able to continue their service.

That is why public transportation groups suggest removing the existing excise tax imposed on gasoline products. However, the country’s economic and finance managers have declined their proposal.

If the oil price continues to soar high, public transportation will be affected. But do note that the government is thinking of a way to help our fellow drivers.

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