DOE: Higher fuel prices possible next week as peso weakens

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Motorists queue as they wait to fill their vehicles in a gas station along Nangka J.P. Rizal in Marikina early Monday afternoon, June 20, 2022. Several petroleum companies announced another oil price increase, effective on Tuesday, June 21, 2022.

The STAR / Walter Bollozos

 

MANILA, Philippines — Consumers may have to brace for another round of fuel price hikes in the coming week as prices rise in the global market and the peso weakens against the US dollar.

 

Local oil companies price their products on a daily basis, but announce the adjustments every week. Their advisories sum up the daily changes in fuel prices.

 

"'Yung trend kahapon, Monday [June 27], lumabas na ang global market price sa trading. May bahagyang pagtaas po so kung ganito 'yung tutuluyan nito, magsasama or magcocompound 'yung pagtaas ng presyo at nung pagtaas ng dolyar," Department of Energy Undersecretary Gerardo Erguiza said during the Laging Handa briefing on Tuesday.

 

(The trend yesterday, Monday, showed that there is a slight increase, so if this continues, higher prices and the strengthening of the dollar will compound.")

 

Full Story: https://www.philstar.com/headlines/2022/06/28/2191521/doe-higher-fuel-prices-possible-next-week-peso-weakens

 

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