Oil price hike of petroleum products, to be implemented next week

Some oil companies will again implement additional price increases on petroleum products by more than P3 to P4 pesos per liter next week.

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In an interview with dzBB, Department of Energy-Oil Industry Management Bureau Director Rino Abad, it warned that the price of diesel and gasoline will go up again to P78 to P80 per liter next week.

"It's quite large, definitely more than P3… around three to four pesos, we're not sure yet because it's still moving on the last trading day today," said Abad.

He said the price soared in the world market again due to talks in Europe to ban the purchase of oil from Russia and other countries would not be able to fill it.

According to Abad, Russia supplies five million barrels per day.

“There will be a high price kick if that 5 million is banned. Most likely, there will be an aggressive supply increase in non-OPEC countries but that has a premium, ”said Abad.

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