Oil prices projected to increase by as much as P4/liter next week

ABS-CBN News

Posted at May 07 2022 12:55 PM

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Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

MANILA – Gas prices will again increase by about P4 per liter in the latest oil price hike forecast for next week. 

Diesel prices could increase by P3.80 to P4 per liter. 

Gasoline prices could post an estimated P4.30 to P4.50 hike, and kerosene could go up by about P4.70 to P4.90 per liter. 

According to industry insiders, the failure to keep up with the supply because of the oil embargo in Russia is a factor.

Most oil price increases have been attributed to the conflict between Ukraine and Russia, with both sides still at a deadlock in peace talks. – Report from Alvin Elchico, ABS-CBN News

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Read More: Oil prices to spike by as much as P4 per liter on May 10  

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