Oil price hike looms in last week of 2023 | ABS-CBN
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Oil price hike looms in last week of 2023
Oil price hike looms in last week of 2023
ABS-CBN News
Published Dec 22, 2023 07:12 AM PHT
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Updated Dec 22, 2023 11:06 AM PHT
Motorists could expect a price hike on petroleum products in the last week of 2023, the Department of Energy (DOE) said on Friday.
Motorists could expect a price hike on petroleum products in the last week of 2023, the Department of Energy (DOE) said on Friday.
"Makakaranas po tayo ng pagtaas sa presyo ng produktong petrolyo sa darating na Martes, that's Dec. 26," DOE Director of Oil Industry Management Bureau Rodela Romero told TeleRadyo Serbisyo.
"Makakaranas po tayo ng pagtaas sa presyo ng produktong petrolyo sa darating na Martes, that's Dec. 26," DOE Director of Oil Industry Management Bureau Rodela Romero told TeleRadyo Serbisyo.
Oil prices are expected to increase after attacks by Yemen's Houthi rebels Red Sea shipping forced petroleum firms to reroute tankers and incur additional costs, the official said.
Romero listed the following possible oil price adjustments next week, based on the four-day trading prices.
Oil prices are expected to increase after attacks by Yemen's Houthi rebels Red Sea shipping forced petroleum firms to reroute tankers and incur additional costs, the official said.
Romero listed the following possible oil price adjustments next week, based on the four-day trading prices.
- Gasoline - P1.40 to 1.60 per liter increase
- Diesel - P1.40 to 1.60 per liter increase
- Kerosene - P1.60 to 1.80 increase per liter
- Gasoline - P1.40 to 1.60 per liter increase
- Diesel - P1.40 to 1.60 per liter increase
- Kerosene - P1.60 to 1.80 increase per liter
The Iran-backed Houthis have repeatedly targeted vessels in the vital Red Sea shipping lane with strikes they say are in support of Palestinians in Gaza, where Israel is battling militant group Hamas.
The Iran-backed Houthis have repeatedly targeted vessels in the vital Red Sea shipping lane with strikes they say are in support of Palestinians in Gaza, where Israel is battling militant group Hamas.
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More than 20 countries have joined the US-led coalition to protect Red Sea shipping from Houthi attacks.
More than 20 countries have joined the US-led coalition to protect Red Sea shipping from Houthi attacks.
— With a report from Agence France-Presse
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