Business and Economy
Minimal hike in gasoline prices set Tuesday
It was further explained that the latest price adjustment is only reflective of current trends in the world crude market, which are simply being passed on to local consumers. (Pixabay Photo)
MANILA — Private motorists will bear the brunt of this week’s adjustment in pump prices as local oil firms get set to implement a hike in the price of unleaded gasoline.
However, their disappointment is likely to be tempered by a sigh of relief when they realize that this price increase is a small one.
At least two oil firms, Petro Gazz and PTT Philippines have already announced a PHP0.10 per liter increase in gasoline prices to take effect 6 a.m. on Tuesday, April 23. Other oil companies are expected to make similar announcements within the day.
In advisories sent out Monday, the same companies, however, said that there will be no adjustment in the price of their diesel products.
It was further explained that the latest price adjustment is only reflective of current trends in the world crude market, which are simply being passed on to local consumers.
Brent crude has risen to its November 2018 level of more than USD72.9 per barrel due partly to news that United States will end its sanctions on Iran.
