Petroleum price hike this week hits consumers anew

Petroleum price hike this week hits consumers anew

Gasoline station crew fueling a car

MANILA, Philippines — This week marks the seventh oil price hike on petroleum products.

Oil industry players forecast 20 to 40 centavos increase in the price of gasoline per liter, and 10 to 20 centavos per liter on diesel and kerosene.

“Patuloy pa rin naman ang pagmo-monitor ng Department of Energy sa kalakalan sa international market para makita natin na ang nangyayaring adjustment dito or development ay dala lang ng international development,” said Department of Energy – Oil Industry Management Bureau Asst. Dir. Del Romero

(The Department of Energy continues to monitor the developments in the international market for us to see whether any adjustment or development is caused by international development.)

From January to September this year, the price increase in gasoline has totaled to P9.00, and more than P9.00 in diesel.

With the excise tax, there has been a P12.00 price increase in gasoline and diesel in the local market.

The Energy Department said the cause of this week’s oil price hike is the sanction of United States of America’s on Iran.

The sanction has caused Iran to export less oil. Iran is considered one of the world’s top oil producers.

The demand for petroleum products has gone down due to the trade dispute between the U.S. and China, and the gradual drop in the U.S. crude oil inventory.

The DOE assured it will constantly conduct monitoring to prevent abuses on the prices of petroleum products.

The energy department regularly conducts inspections to ascertain that gasoline stations follow the quality and quantity standards.

Meanwhile, the DOE has implemented a price freeze on petroleum products in areas under a state of calamity.

There will be a 15-day price freeze on kerosene and household LPG.

“Kung ang presyo noong bago nagkaroon ng declaration iyon lang kahit may adjustment ng sumunod na linggo o sumunod na buwan as far as LPG is concerned,” Romero said.

(Whatever the price was before the declaration that must be the price, though there had been adjustments in the next weeks or months as far as LPG is concerned.)

For reports or complaints on the quality of petroleum products, the public may contact the Oil Industry Management Bureau through its hotline number 840-2130. Mon Jocson | UNTV News & Rescue

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