CONTINUES OIL PRICE HIKE, IRAN VS. ISRAEL COULD AFFECT PRICE INCREASE

Oil price hike for consecutive weeks (Photo courtesy of Philippine Daily Inquirer)

For the fifth consecutive week, the price of petroleum products in the Philippines will increase today, April 16. It is feared that the price of oil in the world market will further increase because of Iran's attack on Israel.

It rained drones and missile bombs in the sky of Israel on Saturday night from Iran, but Israel was helped by the United States and the United Kingdom to destroy almost all of the attack. Although the Philippines is far from its effect on oil pricing, consumers are concerned because the price of fuel will increase even more.

The price of gasoline will increase again today Tuesday, about P0.95 per liter for Diesel, P0.40 per liter for Gasoline and P0.85 per liter for Kerosene. That doesn't even include the possible impact of an Iranian attack on Israel.

Consumers said that the continuous and successive increase in the price of gasoline is a pain in the pocket and thought of a strategy on how to save money on the increase in products.

Oil price hike in the Philippines is not over yet, following Iran's drone and missile attack on Israel, we are watching to see if Israel is rebating which can really increase the price of Langi in the world market.

The government is hoping that Iran does not close the Strait of Hormuz through which oil tankers go to Asia. By looking for an alternative route, the roads will be further away, so the shipping cost and insurance cost will also increase, and the delay in the arrival of the said supply will increase, technically, the price of petroleum, Assistant Director Rodela Romero of Department of Energy said.

Source: Philippine Star

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]