Oil price hike expected next week

The first oil price hike of the year will likely take effect in the coming week, GMA 7 news program "24 Oras Weekend" reported on Saturday.

Industry sources projected that the increase in gasoline prices would range from P0.80 to P1.00 per liter, while the diesel increase would be P0.60 to P0.80 per liter.

This initial increase in local fuel prices, which oil companies have yet to announce, follows a hike in world oil prices due to foreign exchange trading.

Nevertheless, this initial rise in pump prices was different from the expected increase due to the second batch of excise tax increases on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law to be implemented this year. — Margaret Claire Layug/DVM, GMA News