Published: Monday 12 December, 2016

‘Bigtime’ Oil Price Increase Dec. 12: Gasoline, Diesel Prices Hiked

A new round of oil price adjustment is expected this week and it won’t be good news to motorists. A ‘bigtime’ oil price increase is expected Tuesday, December 12, as a result of international market trends.

Oil Price increase for gasoline, diesel

According to sources at the Department of Energy (DOE), prices of gasoline and diesel will both be increased by more than 1 peso per liter. GMA News reports that Gasoline prices will be about P1.45 per liter higher while that of diesel will be around P1.35 per liter.

The increase follows the minimal decrease last week. But weeks prior, two consecutive price increases were announced.

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The surge in oil prices comes after agreed to curb output and ease the over supply of oil in the market.

Based on the energy department’s price monitoring report, diesel prices range from P26.15 to P30.85 a liter, and P34.60 to P45.50 for gasoline as of today. The price increases are expected to be announced later Monday or early Tuesday.

UPDATE: As predicted, local oil companies announced the bigtime oil price hike effective tomorrow, Tuesday:

 

Other oil companies are expected to make similar announcements later today or tomorrow.

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Source(s) :

GMA News, PNA/Sputnik



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