Expect Another Oil Price Hike This Week

A significant rise in oil prices is once again to be expected this week.

gasoline gas oil stock

According to reports, Gasoline may go up by PHP 3.60 – PHP 3.70 per liter while Diesel may increase by PHP 5.40 – PHP 5.50.

Kerosene, on the other hand, may increase by PHP 3.95 to PHP 4.05 per liter.

This rise in oil prices will take effect on Tuesday, March 8, until next Monday, March 14.

This is notably the 10th straight price hike in the country amid the current conflict in Ukraine as Russia is the world’s third biggest producer of oil. The Department of Energy, however, earlier said that the situation has no direct impact on the Philippines as “we are not getting [oil] supply from Russia.”

(ALSO READ: How Does the Russia-Ukraine Crisis Affect Filipinos?)

What are your thoughts on this? Share them in the comments below.

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