Brace yourself as another oil price hike is expected this week, the third increase for the month of January.
The price of diesel products is expected to increase by P0.50 to P0.60 per liter, the gasoline products are also expected to increase by P0.15 to P0.25 per liter, and kerosene from P0.35 to P0.45 per liter.
But petroleum companies clarified that the estimated price increase on all fuel products are based on the four-day trading in the international market last week, and the cost softening may still trim the anticipated price hikes.
Analysts said that January’s continued pump price hike rise is due to the reduction of production by world oil producers – primarily the Organization of the Petroleum Exporting Countries and its Russian-led ally.
The Philippine market will be greatly affected by the implementation of the second wave of excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
But the price increase this week should not be attributed to the TRAIN law, but many gasoline stations have made their announcement in their outlets that the increase is due to the excise tax being implemented by the government under the TRAIN law.