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Why the fuel price hike so soon?

Everyday I monitor Bloomberg TV to look at the major business headlines in the Asian region as well as the world stock markets. One of the things I closely watch is the price of oil in the world market. Hence, it surprised me to learn last night that fuel companies will start to increase pump prices again starting today. The local market experienced a significant slide in the prices of diesel and gasoline these past few months, easing the pain on car owners and transportation industry operators. But is that a brief honeymoon for us? There hasn’t been a significant change in the world market prices of oil. So what is the basis for the fuel price hike so soon?

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