With a few centavos roll back in fuel prices for the past five weeks, oil companies will now raise by P6 to P6.30 per liter, which more than compensate for the centavos-rollback of the past weeks, even earning big for them. And the usual reason they cite is world market prices are rising. But this practice is akin to three baby steps back, one giant step front. So are they just playing tricks on us?
Oil companies announced they would be raising pump prices tomorrow after five weeks of rolling back prices by pittance.
The raise per liter would be for diesel by ₱6 – ₱6.30, and gasoline by ₱1.10 – ₱1.40.
Oil Industry Management Bureau Director Rino Abad said that the Organization of Petroleum Exporting Countries Plus (OPEC+) cut oil production by 2 million barrels in support of declining oil prices because of the United States' aggressive increase in interest rates which is a major factor for the expected price increase of petroleum pumps, GMA News reported.
Last week, oil companies cut the per liter prices of diesel and gasoline by ₱0.45, and kerosene by ₱0.85.
Based on the data shown by the Department of Energy (DOE), the total price increase for gasoline was ₱14.45, ₱28.95 for diesel, and ₱23.25 for kerosene, respectively.
Tags: #oilcompanies, #risingpumpprices, #OPEC, #cutproduction