Bizmen, consumers reel from effects of oil price hikes

The continuous increase in prices of petroleum products has been “burdening” both businessmen and consumers, according to Iloilo Business Club (IBC) Executive Director Lea Lara.

“The oil price adjustments resulted in higher operating expenses of our businesses here,” Lara said.

“To recover their additional expenses and avoid losses, of course they would increase the costs of their goods and services,” she added.

Since January this year, a series of price hikes raised to P10.32 per liter the cumulative increase in prices of gasoline, to P10.36 per liter for diesel, and to P10.66 per liter for kerosene.

Oil firms jacked up prices of their petroleum products due to price movements in the world oil market and a weaker peso.

Lara also attributed the higher pump prices to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Dira palang nga daan sa TRAIN Law, daku na nga increase sa prices of petroleum products as well as in some of our goods,” she said.IMT