Another Price Hike Implemented By Oil Companies On Fuel Products
The oil companies have implemented another price hike on fuel products although the world crude prices have already decreased.
On Tuesday (September 4, 2018), Petroleum firms imposed an increase across fuel products again, which adds the burden of Filipino motorists.
Oil firms including Total Philippines Corp. Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Seaoil Philippines Inc., Caltex, Eastern Petroleum, Flying V, and Phoenix Petroleum Philippines Inc. have imposed their respective price hike.
Meanwhile, Petron Corp. and UniOil Petroleum Philippines Inc. have not yet issued their price adjustments.
The prices of gasoline and kerosene were raised by P0.95 per liter while diesel has increased by P1.20 per liter.
The price hike is the second consecutive week for both diesel and kerosene and the fourth successive week for gasoline prices.
International oil prices increase due to supply disruptions from Venezuela and Iran after US sanctioned supplies from Iran.
Venezuela has also a sharp drop in crude exports, according to the report of Reuters.
Marikina Rep. Miro Quimbo filed a bill seeking roll back and urging to make excise taxes on diesel and kerosene return to zero to help curb the inflation.
“We recorded an inflation of 5.7 percent in July, with August inflation expected to be at around the same level. Clearly steps have to be taken to bring relief to our people and shield them from future spikes in inflation,” Quimbo said quoted by Philstar.
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