Oil Companies to Implement Another Pump Price Hike This Week
OIL PRICE HIKE – Several oil companies in the Philippines are set to impose another price adjustment starting this week.
Nowadays, the prices of petroleum products plays a very important role to the country’s economy. Oil price changes affects the prices of other services and products.
Petroleum price hike would contribute to the burden of Filipino people especially to those who were driving vehicles to reach their point of destination.
Various gasoline stations in the country would implement another pump price hike starting Tuesday (August 31, 2021). The price increase came after three consecutive weeks of consecutive rollbacks.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. released advisories about the increase on prices of petroleum products. The oil firms would impose an additional P0.40 per liter of gasoline, P0.60 per liter of diesel, P0.40 per liter of Kerosene.
All petroleum firms would implement the price changes at 6: 00 am while Caltex would impose the adjustment at 12:01 during the same day. Other companies would make similar announcements later this week.
The price adjustment is the effect of increasing demand of petroleum products in the United States.
The Department of Energy (DOE) released the latest data available showing the year-to-date adjustments. The total net increase as of August 24, 2021 were P12.45 per liter of gasoline, P9.35 per liter of diesel, and P7.40 per liter of kerosene.
What can you say about the upcoming pump price hike this week? Just feel free to leave your comments and reactions to this article.