More than P1 oil price hike expected this week

MANILA, Philippines - Petroleum prices are expected to increase from P0.90 to P1.50 per liter this week as the dollar continues to strengthen, a Department of Energy (DOE) official said Monday.

DOE-Oil Industry Management Bureau Zenaida Monsada said late on Sunday that the price for diesel may rise by P1.40 to P1.50 as price adjustment continue.

The price for gasoline, meanwhile, is expected to jack up from P0.90 to P1.10 per liter as well.

Once implemented, this new scheme in petroleum would be the fifth time oil prices have increased since May this year.

Motorists, meanwhile, have already reacted to the expected oil price hike, saying that the government and industries should explore other sources of energy.

Tataas nanaman ang petrolyo?!? Oh no! Sana magising na tayo at tangkilikin natin ang alternative energy sources. #Solar

— Jon Aparte (@BratBastard) June 16, 2013