Big-time oil price hike of up to P11 for diesel, P5 for gas set for next week - GMA Network

Another big-time oil price hike is foreseen in the following week due to the Middle East fuel crisis, with diesel prices possibly surging by P11 per liter and gas prices increasing by as high as P5 per liter.

In a 24 Oras report from Bernadette Reyes on Thursday, diesel and gas prices have gone up by P10/L in the past two weeks.

Next week, another big-time oil price hike will take place. According to oil industry sources, diesel could hike up prices from P10.50 to P11 per liter.

Meanwhile, gasoline prices could increase from P4.5 to P5 per liter.

Motorists lamented the high fuel prices and its effects on their livelihood.

“Baka hindi na siguro kami bumiyahe dahil wala rin kaming kikitain, para na kaming naglalaro sa kalsada,” said TNVS driver Randy Mancio.

(We may not be able to go out because we will not make any money, it is like we are playing in the streets.)

The Department of Energy (DOE) said that the oil price hike is due to the continued crisis in the Middle East.

Energy Secretary Sharon Garin said that it does not appear that the conflict will end soon.

The law states that Dubai crude oil should average $80 per barrel within one hour before the suspension of the excise tax. The DOE said that from August 13 to September 11, the DOE said that oil has surpassed $100 per barrel.

The power to suspend the excise tax is with the President. However, the Palace said that there is no decision yet if and when the excise tax will be suspended. —Jean Mangaluz/RF, GMA News