Another massive fuel price hike expected next week

Metro Manila (CNN Philippines, March 12)— Motorists can expect another round of massive fuel price increase by next week, according to industry projections.

In its fuel price forecast released on Saturday, Unioil Petroleum Philippines said diesel costs may increase by ₱12.20 to ₱12.30 per liter, while gasoline prices may shoot up by ₱6.80 to ₱7.00 per liter for the March 15 to 21 period.

This will be the 11th straight week of oil price hikes.

The government earlier set aside funds for fuel subsidies to help the affected sectors cope up with soaring prices.

Distribution of aid for drivers and operators of public utility vehicles will begin on March 15, according to the Land Transportation Franchising and Regulatory Board.

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Oil firms usually announce price adjustments every Monday, which would be implemented the next day.