OIL companies are set to implement a big time oil price hike ranging from P1 to P1.50 per liter, oil industry insiders said yesterday.
The insiders said the price increase, allegedly due to the movement of oil prices in the world market, will be announced any day this week.
They added that the increase in prices of gasoline, diesel and kerosene would range from P1 to P1.50 per liter.
The impending increase would be the second consecutive for this month under the administration of President Duterte, now on its 54th day in office.
Last August 16, oil companies implemented an increase of P0.55 per liter in pump prices of gasoline, P0.65 in kerosene and P0.70 in diesel.
The impending increase, once implemented, would definitely wipe out whatever gains the public got with the six consecutive weeks of oil price rollback that started July 4 or two days after Duterte assumed post as the 16th President of the country.