Expect oil price hikes to continue in the next few weeks — DOE

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THE public should already expect that there will be no letup in the increase in prices of petroleum products in the succeeding weeks.

According to Department of Energy Oil Industry Management Bureau (DOE-OIMB) director Rino Abad, they don’t see any signs that the price of oil in the world market will go down.

Based on our expectations, the oil price hike will continue in the coming weeks,” says Abad.

Abad explained that the oil importation ban imposed by the European Union again Russia will remain, including the spike in demand due to the summer season in Northern Hemisphere countries such as the United States of America and the recall of the COVID-19 lockdown in China.

Abad said there was a recent rollback due to the lockdown in Beijing and Shanghai in China that resulted to a low demand in crude oil.

“China is about to exti the lockdown,” he added.

Amid the oil price hikes, the government has fuel subsidies and discounts for drivers of public transportation and farmers.

This is aside from the promos being implemented by the oil companies, at the request of the DOE.

Based on data from the DOE until May 31, increase in gasoline prices this year already reached P23.85 per liter, with P30.30 per liter for diesel, and P27.65 per liter for kerosene.

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