Another round of oil price hikes expected this week

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THE struggle continues for vehicle owners and public transportation as another round of oil price hike is expected to happen again next week.

Just like last week, diesel will get the highest price increase based on the projection of oil company Unioil with a price increase of between P4.30 to P4.50 per liter, while gasoline is expected to increase by P1.50 to 1. 60 per liter.

This will be the second consecutive week of fuel price increases, where diesel prices went up by P6.55 per liter and gasoline prices increased by P2.70 per liter on June 7, 2020.

On Thursday, the Land Transportation Franchising and Regulatory Board approved a provisional P1 fare hike for public utility jeepneys, whether modern or traditional, in the National Capital Region, including Regions 3 and 4 (Central Luzon, Calabarzon and Mimaropa).

Even utility company Manila Electric Company (Meralco) announced that it will charge an additional P0.39/kwh for the month of June, citing higher costs of purchasing electricity from their suppliers that resulted in a higher generation charge.

The Department of Energy already warned the public to expect more oil price hikes in the coming weeks, fueled by the ongoing ban on Russian oil imports by the European Union, and the loosening of lockdowns that triggered high demand, like in Beijing and Shanghai in China.

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