Filipino motorists may soon face higher fuel prices as insiders reveal that the estimates suggest more than P1 increases in prices for diesel and kerosene, as well as an estimated range of P0.85 to P1.10 hikes for gasoline. According to another oil industry source, these predictions come as a result of higher global oil prices and the weakening of the Philippine peso against the US dollar. This news may hit Filipino consumers hard as they already face economic uncertainties caused by the ongoing pandemic.
1. Filipino motorists may soon face higher fuel prices, with estimates suggesting increases of more than P1 for diesel and kerosene, and a range of P0.85 to P1.10 hikes for gasoline.
2. The predicted price increases are a result of higher global oil prices and the weakening of the Philippine peso against the US dollar.
3. These price hikes come at a difficult time for Filipino consumers, who are already dealing with economic uncertainties due to the ongoing pandemic.
4. The continuing rise in global crude oil prices and the weakening of the local currency are contributing factors to the higher fuel costs.
5. If these estimates are accurate, it will have a significant impact on transportation and household budgets, further adding to the financial burden faced by individuals and families.
The estimated range for gasoline price hikes in the Philippines is P0.85 to P1.10.
Additionally, the source mentioned that these price hikes are a result of the continuing rise in global crude oil prices and the weakening of the local currency against the US dollar. This news comes as a further blow to consumers already grappling with the escalating cost of living. If these estimates prove accurate, it will undoubtedly have a significant impact on transportation and household budgets, adding to the financial burden faced by many individuals and families.