Blue car at gas station filled with fuel. Closeup woman hand pumping gasoline fuel in car at gas station.
woman refuel car petrol pump filling gas at gas pump.
This week’s oil price hike stunned Filipino motorists with a huge jump in oil prices, which prompted transport groups to demand an increase in transport fair. While it may seem obvious that oil prices will always rise, if this demand is implemented, it could significantly harm the Philippine economy.
Fortunately, next week, oil experts are seeing an oil price reduction. The estimated adjustments wouldn’t eliminate this week’s increase entirely but would somehow slash about half of them, giving motorists a sort of relief in the ever-increasing prices.
Experts believe that around 50 to 70 centavos adjustment is expected for gasoline, and 90 centavos to as much as 1.10 pesos is possibly to be deducted on diesel and kerosene next week. From these estimates, the oil company will determine their final adjustments on Monday and implement them the next day.
One of the reasons for the current increase in oil prices was the ongoing conflict between Israel and its neighbors, which, by the way, has been going on for years and has just gotten worse lately. The idea that Israel is backing down from eventually bombing fuel and nuclear facilities in Iran gave the market a chance to go berserk on inflation.
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