Published: Sunday 20 May, 2018

BIG-TIME Oil Price Hike May 22: Gasoline, Diesel Prices Jump Up on Tuesday

Fuel prices will go up big-time this week. Gasoline and diesel prices may increase by more than P1.00 per liter. This is the prediction of oil price watchers in the country amid the continued rise of the price of oil in the international market due to continued tensions in the Middle East.

big time oil price hike

Be ready for a big-time increase in gasoline, diesel and kerosene prices come Tuesday, May 22.

The price of crude oil reached $80 per barrel last week. As a result, prices of fuel products in the Philippines are expected to jump up as well. According to market observers, gasoline my increase by as much as P1.60 per liter. Meanwhile, diesel will increase bu more than P1.00 per liter as well.

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And the prices will continue to go up in the coming weeks. Some market observers are saying Brent crude oil will reach $100 per barrel in the next few months.

On Monday, May 21, Philippine oil companies will announced the actual price increases. Please check back for that update.

UPDATE: Official price increase as announced by the Philippine Oil Cartel as follows: