Another oil price hike will be experienced over the next few weeks by major oil companies.
Initial reports said that the increase of oil prices will once again hit up to PHP 1.40 and PHP 1.50 per liter of gasoline and diesel due to the price hike demand on every barrel of oil in the global market.
The first major increase of the year for gasoline and diesel has only occurred last Monday that jack up to PHP 2.40 per liter. This increase was affected also by the movements in the price of redefining petroleum products in the world market.
On the other hand, Manila Electric Company (MERALCO) will increase its power rates by P0.84 per kilowatt (kWh) in its February billing.
MERALCO explained that the P0.52 per kWh hike in generation charge is due to the confluence of factors in the operations of the power plants.
(Mary Rose Faith Bonalos)
