Motorists need to prepare for another round of fuel price hikes that could go as high as P4 per liter next week, the Department of Energy said Friday.
A price hike of "definitely more than P3" per liter of gasoline and diesel is expected next week, said Rino Abad, director of the Department of Energy Oil Industry Management Bureau.
"Totoo po iyan, kino-confirm po namin yan na mayroon pong nakaambang pagtaas next week. Medyo malakihan po ang pagtaas next week," he said in an interview on dzBB.
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Asked to give an estimate of the price hike for gasoline and diesel, Abad said it could be around P3-P4 per liter but the final figure would depend on global prices.
Factors that contributed to the impending fuel price hike according to Abad are the easing of lockdown protocols in China which boosted demand for oil, and the slow progress of the peace talks between Russia and Ukraine.
Fuel price hikes are usually implemented by oil firms every Tuesday. Earlier this week, fuel companies increased gasoline prices by P0.45 per liter and diesel prices by P1.70 per liter.
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