Gas and diesel in the Philippines are about to get more expensive again next week, and here’s why — explained in a super simple way even a 4th grader can get it:
Imagine the world is like a big market where countries buy and sell oil. Right now, the people in charge of oil (they’re called OPEC+) think that more people will need oil soon — for cars, planes, and factories. So, oil becomes more valuable, and its price goes up.
At the same time, the Philippine peso is getting weaker when compared to the US dollar. That means when we buy oil from other countries (using dollars), we have to spend more pesos to get the same amount of oil.
And that’s not all — there are troubles in other countries, like attacks near oil fields in Iraq and problems with ships being attacked in the Red Sea. Because of these scary events, shipping oil becomes harder and more expensive.
Because of all that, experts say:
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Diesel could increase by P0.70 to P0.90 per liter
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Gasoline might go up by P0.30 to P0.50 per liter
Last week, gas prices already went up by P0.70, and diesel rose even more — P1.40 per liter!
Even though global oil prices haven’t changed much, the weak peso, high shipping costs, and tension in the oil world are the big reasons why your next trip to the gas station might be more painful for your wallet.
So buckle up — unless things calm down globally and our peso gets stronger, fuel price hikes might stick around for a while.
