Jumbo oil price hike seen at up to P22.30/liter on March 17

MANILA, Philippines — Motorists will have to deal with another round of big-time oil price hikes next week because of the impact of the Middle East war. Industry estimates show hikes of up to P22.30 per liter. 

An industry source told the Inquirer that the per-liter price of diesel may surge by P19.30 to P22.30 starting Tuesday.

READ: Oil tops $100 as Iran vows to keep Strait of Hormuz closed

Gasoline prices may also be more expensive by P14 to P17 a liter. 

This week, Philippine pump prices recorded the highest single-week increase at up to P38.50 per liter.

READ: New Iranian leader vows revenge, keeps oil shipping route shut

Some fuel firms heeded the call of the Department of Energy to stagger the increases by implementing last week’s hikes in two to seven tranches. INQ