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High petroleum prices seen to persist until end of 2023

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A Department of Energy (DOE) official on Tuesday said oil price hikes are expected to continue until the end of the year. During the Laging Handa public briefing, Oil Industry Management Bureau Director Rino Abad said tighter supply has boosted global oil prices, with the output cuts from Saudi A

A Department of Energy official on Tuesday said oil price hikes are expected to continue until the end of the year.

Abad said since local players hiked oil prices in nearly two months, the common pump price for gasoline is currently at PHP73 per liter, PHP67 per liter for diesel, and around PHP79 to PHP80 per liter for kerosene. “side from the government subsidy through LTFRB DOTr , we have promo programs from the private sector –that’s reduction in price per liter from PHP2 to probably as high as PHP4 per liter,” he added.

 

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