Big-time oil price hike expected next week

Transcript

00:00 Notice to motorists, prices for petroleum products could possibly increase next week.

00:05 According to industry sources of PTV, the price for gasoline will go up to one peso and 35 centavos

00:11 per liter, while up to two pesos per liter for diesel and one peso and 90 centavos for kerosene.

00:17 The projected oil price movement is subject to change depending on a four-day trading period.

00:23 According to the Department of Energy, the price adjustment is related to stricter supply outlooks

00:28 due to voluntary cuts in production of Saudi Arabia and Russia,

00:32 supply disruption in Libya due to the typhoon, and the U.S. withdrawal in crude inventory.