Filipino consumers will need to swallow a ‘very bitter pill’ when it comes to their fuel expenses this week, as the price of diesel products will be on historic astronomical rise of P13.15 per liter, as announced by the oil companies.
Gasoline prices will also be increased by P7.10 per liter, while kerosene prices, a key commodity for critical industries, including aviation, will drastically climb by P10.50 per liter.
For this week, prices have been steady at softer level of $110 per barrel for Brent crude, and Dubai was still hovering also above $110 per barrel – fundamentally declining from last week’s record spikes since 2014. The energy chief similarly disclosed that President Rodrigo Duterte was calling for a meeting Tuesday, March 15. “We’re going to discuss with DOF that we are asking for the deferment or suspension of the excise tax.”
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