Written by: Aiya Rodjel
For the past few weeks, global oil prices have been on the rise. Gasoline prices have affected the expenses of people worldwide. Domestic oil prices have affected the budgeting of Filipinos. In turn, many people have been rushing to buy gasoline products before the next price hike.
Why are global oil prices spiking up? This article will talk about the latest developments in the global oil market. Understanding the oil industry will help people comprehend why we can expect price hikes. As long as you have high-speed internet from a robust internet provider in the Philippines, you can update yourself on the latest price hikes.
Why are global oil prices rising?
The dramatic oil price hike in the world market is attributable to the ongoing conflict between Russia and Ukraine. Russia is a top player in the oil industry, and countries worldwide are considering cutting off their ties with Russian oil companies. This ban is to drive Russia to stop the war.
Because many countries rely on Russia for fuel products, there has been a shortage of petroleum products. About a third of Europe looks to Russian oil companies for liquefied petroleum gas and their other gasoline needs. Hence, ongoing geopolitical tensions have impacted oil prices everywhere.
The Department of Energy has stated how the conflict between Russia and Ukraine will not impact the local oil supply on the local front. Despite not relying on Russia for oil supply, oil companies still pump prices to follow the global market.
In addition to the conflict in eastern Europe, Dubai crude and other major oil players have been affected by turmoil in Libya. While major oil companies halt their operations, there is a dramatic effect on the oil price per liter.
Kerosene and gasoline stem from fossil fuels, an unsustainable source of energy. The OPEC+ (The Organization of the Petroleum Exporting Countries Plus) reserves have declined recently. Thus, the price per liter for diesel and other gasoline products has been affected.
With fiber internet for home, you can keep up with the US dollar and the latest news in oil prices. This is essential to map out the future of price per liter.
What’s next for gasoline prices?
Fuel prices have been increasing dramatically for the past few weeks. The price per liter for diesel has gone up by an estimated five pesos per week. Meanwhile, gasoline prices are expected to rise by three pesos per liter.
Unfortunately, this oil price hike is expected to continue. While the Philippines may be physically far from Ukraine and Russia, the war has a direct impact on local oil prices. Gasoline prices have been rising for the past ten weeks. This trend is expected to continue in the near future.
However, the Department of Energy has been actively working to ensure the implementation of competitive prices. In addition, the government has offered to give Filipinos targeted relief assistance.
The government has been pushing for the unbundling of fuel prices. However, since most politicians are focused on this year’s election, this issue is not seen as a priority.
On the other hand, oil companies have coordinated with the government to offer motorists discounts to promote their services. Thus, the price per liter for gasoline, diesel, and kerosene might be increasing, but Filipinos might get to enjoy special incentives. With high-speed internet in your home, you can keep tabs on the latest increase or decrease in the local market.
How the Philippines’ oil price hike affects Filipinos
Many Filipinos rely on their cars and other modes of transportation for their daily travels. Thus, diesel and gasoline are necessities. Unfortunately, the dramatic increase in price per liter has affected the expenses of motorists, especially those who drive cars regularly.
On the flip side, Land Transportation Franchising has confirmed that the price increase does not affect transport fares for public utility vehicle options like jeepneys. However, transport groups have been lobbying for a fare hike for drivers and operators for consumers to carry the burden.
Because of the uncertainty around fuel prices worldwide, plenty of motorists have taken the plunge and gassed up as much as they can. In turn, the usual line at the gasoline station has been congested. This action serves as a precaution for future price hikes. Many people have already decided to purchase oil products before the inevitable increase.
With fiber internet for home from a trusted internet provider in the Philippines, you can keep up with the latest development on oil prices. Being informed is a great weapon to stay ahead of the curve.
Keeping up with global oil prices
While the Philippines has committed to relying on sustainable energy sources more in the future, the truth is that most industries still depend on crude oil. Thus, Filipinos have been affected tremendously by the price hikes.
When it comes to global news such as gasoline hikes, you must have high-speed internet care from a reliable internet provider in the Philippines. Knowledge is power, and you can access all the information and news you need through fiber internet for home.
That’s why you should invest in a high-speed internet service provider in the Philippines like Streamtech Technologies. With Streamtech as your internet partner, you can keep yourself updated with the latest news. In addition, you can access all the productivity tools you need every day.
In addition, high-speed internet paves the way for you to connect with suppliers that can lower your need to travel. You simply need to order a product or service from a website or app, so you don’t have to leave your home. At the same time, you get to save on gas expenses because you’re just at home anyway.
Hence, having fiber internet for home can help you manage your expenses despite inflation. You can face the future with confidence knowing everything you need can be accessed through your fingertips. Contact us on Facebook today to learn more.