Big Time Oil Price Hike Looming?

Big-time oil price hike looming this week.

Motorists and oil consumers asked how much?

The big 3 Philippine oil companies have not announced any price increase but it is believed that the looming increase in petroleum products is substantial, especially gasoline.

Department of Energy data indicates that the increase in petroleum products is higher than the rollback in prices.

Some motorists went to the gasoline stations early to fill up their gas tanks. Some of them filled their gas tanks full after they heard that there will be an oil price hike.

The top Philippine oil companies have not yet announced any increase or intention to increase the prices of gasoline and other petroleum products.

According to oil industry sources, the looming oil price hike is sure to happen and according to their computation, the increase may reach 1 peso increase per liter of gasoline and a .20 centavos increase per liter of diesel.

Some motorists interviewed said that the oil companies must not increase the prices of petroleum products and that companies must first increase the monthly salaries of workers. Some said they can not do anything about it if and when oil companies decide to increase prices.

The Department of Energy data showed that since January, the total increase in the prices of gasoline per liter is 4.64 pesos and 1.01 pesos per liter of diesel.

PISTON, a motorist association is pissed off and threatens to protest in the office of one of the biggest oil companies in the Philippines this coming Tuesday.

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