The Institute for Energy Studies (IES) has forecast that diesel and liquefied petroleum gas (LPG) prices will increase by 1% and 4%, respectively, starting September 16, 2023.
The IES attributed the price hike to the rising cost of crude oil in the global market. Crude oil prices have been on the rise in recent months due to a number of factors, including the war in Ukraine and supply disruptions from other oil-producing countries.
The price of diesel is expected to increase by P0.60 per liter, while the price of LPG is expected to increase by P1.20 per kilogram.
The IES said that the price hike is likely to have a ripple effect on the prices of other goods and services. This is because diesel and LPG are used in a variety of industries, including transportation, agriculture, and manufacturing.
Consumers are advised to brace for the impact of the price hike and to adjust their budgets accordingly. They may want to consider carpooling, using public transportation, or biking more often to save money on fuel. They may also want to look for ways to reduce their energy consumption at home.
The IES said that the government should take steps to help consumers cope with the rising cost of fuel. This could include providing subsidies or tax breaks for fuel consumers. The government could also invest in public transportation and other alternatives to gasoline-powered vehicles.
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