Diesel prices could jump by P10 per liter next week
A P10 per liter increase on diesel products may take effect next week.
Philippines anticipates a significant increase in diesel prices by P10 to P10.50 per liter next week, marking the third major hike in pump prices within a month, according to The STAR. The Department of Energy (DOE) Oil Industry Management Bureau Director Rino Abad confirmed that the rise is expected due to the surge in global oil prices.
Abad stated that the recent spike in diesel prices is largely influenced by the damage to Saudi Arabia's East-West Pipeline, which has disrupted global oil supply. The pipeline is estimated to take over a month to repair. Despite the expected price hike, Abad suggested that local fuel prices will remain high even after the pipeline is restored, as global oil prices have surpassed the $80 per barrel mark.
The DOE has recommended staggered price increases to mitigate the impact of the large hike on consumers.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
