After several weeks of oil price rollback, another oil price hike is set on Tuesday, Aug.29.
The oil price projection increase ranges from P1.40 per liter for gasoline and P6.10 per liter for diesel and kerosene.
According to the Department of Energy (DOE), the new oil price adjustment is due to the high demands of petroleum products in some countries as the winter season approaches.
DOE also cited the huge demand of petroleum products in the world market due to the ongoing war between Russia and Ukraine.
The oil price hike is set to be implemented at 6:00 a.m.
The last oil price adjustment was announced on Aug. 23 with P0.70 per liter in gasoline and P2.60 per liter in diesel in some oil companies.
A total of P18.15 per liter of gasoline and P13.70 per liter of diesel has increased this year. —Report from Ryan Lesigues/KC – gb
