Brace for another round of petroleum price hikes

Brace for another round of petroleum price hikes

Be prepared to see another round of oil price hikes once you gas up starting the first hour of tuesday.

ABS-CBN, quoting industry sources, said gasoline costs could increase again between 40 centavos and 50 centavos per liter whereas diesel could go up by 5 centavos to 14 centavos per liter. kerosene is likely to increase between 5 to 10 centavos per liter.

 

Since december 1, motorists have witnessed weekly price upticks with gasoline costs increasing by P3.40 per liter and diesel by regarding P3.30 per liter. kerosene or cooking fuel went up by P3.50 per liter over the four-week period.

Prices of fuel are increasing ever since the Organization of petroleum exporting Countries (OPEC) agreed to a crude oil production cut in november by 1.2 million bpd from january, 2017.