After several oil price rollbacks, oil companies are set to implement an oil price increase on Tuesday, Oct. 11.
The oil price projection ranges from P6.85 per liter of diesel, P1.20 per liter of gasoline, and P3.50 per liter of kerosene.
In the Laging Handa briefing, Department of Energy (DOE) Director Rino Abad said the oil price hike was caused by the implemented production cut of two million barrels per day by the Organization of the Petroleum Exporting Countries (OPEC) due to their expected reduction in crude demand.
“Itong Wednesday, ministry meeting ng OPEC plus, biglaan po ang desisyon nila na magbabawas two [million] barrels per day, so ito’y napakalaki,” DOE Director Rino Abad said.
Meanwhile, Abad said that there is no certainty if crude prices will continue to increase.
“Itong usapin kung magtutuluy-tuloy ito [ay] nakadepende ito sa monitoring sa mga week na padating kung talagang madedeliver ‘yung additional two million na yan or kakanin lang ‘yan sa original nilang utos na hindi sila magde-deliver ng 5.3 [million],” he added. -Report from Naomi Tiburcio/KC – gb
