Expect big-time oil price hike this week

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EXPECT a big-time price hike of petroleum products in the next few days due to the continued surrge of crude oil prices in the world market.

Based on information from the oil industry, it showed in the oil trading last May 30 up to June 3 of a possible price hike in diesel at P6.30 up to P6.60 per liter.

Gasoline, on the other hand, is looking at a P2.50 up to P2.80 per liter increase while for kerosene, a P5.15 to P5.30 increase per liter is expected.

Department of Energy-Oil Industry Management Bureau Director Rino Abad explained that there are three situations that continue to push for higher prices of petroleum products.

Included is the growing demand among countries that are currently experiencing intense hot weather from June to September, the Russian oil ban of the European Union; and the easing of the lockdown in China so demand also increased.

Just recently, the price of diesel per liter rose by P1.20, P1.70 per liter of gasoline whose price now hovers between P73 up to P83.60 per liter in Quezon City, and P70.50 up to P75.60 per liter for diesel in Manila.

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