Oil price hike looms this week
After a series of rollbacks, a major fuel price hike by nearly P2 per liter is expected in the next few days.
The price increase for gasoline is estimated at P1.70 to P1.90 per liter, P1.75 to P1.95 per liter for diesel, and P1.75 to P1.85 per liter for kerosene.
According to the Department of Energy (DOE), the sudden increase is due to a sudden spike in world oil prices after some oil producing countries cut excessive supply amid low demand.
Oil companies usually implement price adjustments on Tuesdays.