Brace for Impact: Pinoy Motorists Face Significant Oil Price Hike Next Week

Gas up ahead, Pinoy motorists! A huge oil price hike is coming our way next week, and unlike the past two weeks, this price increase is expected to hit us hard.

According to experts in the oil market, we may face an increase of almost two pesos per liter for both diesel and gasoline. Kerosene prices are also going up, so next week doesn’t look promising—especially for motorists in the public transport sector, who will feel the brunt of the price hike.

Estimates:

• Diesel: Php 1.70 – 1.90 per liter increase
• Gasoline: Php 1.70 – 1.90 per liter increase
• Kerosene: Php 1.40 – 1.60 per liter increase

A few reasons for the oil price hike include the ongoing geopolitical unrest between Iran and Israel, which has already impacted the global market, as well as the continued uncertainty surrounding the Russia-Ukraine conflict.

Final price adjustments will be announced on Monday and will be implemented the following day (Tuesday).

Once again, if you can, gas up now to at least take advantage of the lower oil prices before gas stations adjust them next week.