Oil Companies Set To Implement Pump Price Hike Next Week
Several oil companies in the Philippines were set to implement pump price hike on the second week of January 2021.
Oil products are considered as an essential product in different countries all around the globe. It has been also considered as a primary object to make business establishments operating especially during this time of pandemic.
However, slight to huge movement in prices of petroleum products could also affect the prices of essential services and basic commodities. Price hike could also contribute to the burden of the Filipino people.
Recently, Saudi Arabia decided to reduce the production of petroleum products by the month of February or March 2021. The cut on production of oil products will cause an increase with the prices of importer petroleum from the world market.
The prices of gasoline is set to increase by P0.85 to 0.95 per liter, P0.20 to P0.30 per liter of kerosene and diesel. The price of diesel would also increase after consecutive weeks of rollback in prices.
What can you say about the impending oil price hike? Just leave your comments and suggestions for this report.
You can also read: Russia Rejects OPEC’s Proposed Oil Output Cuts, Says Reports
