Another plan is to hike the price of petroleum products on Tuesday, a day after the election.
According to the oil industry, the expected price hike per liter of gasoline will range from P4.30 to P4.50 and P3.80 to P4.00 for diesel.
Apart from this, the price per liter of kerosene will also go up from P4.65 to P4.85 per liter.
The price increases followed last week’s oil price move amid fears that supply was disrupted due to the European Union’s (EU) desire to ban Russia’s oil.
One of the visible reasons for the increase in the price of languages is the push for the passage of a bill in the United States Senate – the NOPEC Bill – aimed at filing a lawsuit against the Organization of the Petroleum Exporting Countries and its producer allies ( OPEC+) for allegedly manipulating supply resulting in rising oil prices in the world market.
Meanwhile, it is the 15th week that there will be a major oil price hike this year.

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