Oil Companies Announced Another Oil Price Hike This Week
Several oil companies have announced another oil price hike on prices of oil products for the seventh consecutive weeks.
The prices of petroleum products play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
Pump price hike would contribute to the daily burden of Filipino people especially to those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.
Numerous gasoline firms in the Philippines have announced another surge on prices of petroleum products. The expected pump price hike would mark the seventh straight month of increases.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. announced that they would implement an additional P1.30 per liter of gasoline, P1.50 per liter of diesel and P1.45 per liter of kerosene.
Cleanfuel and Petro Gazz would impose similar price adjustments except for kerosene, which they do not carry.
Oil firms would implement the price changes at 6 am on Tuesday (October 12, 2021) except for Caltex that will impose the price adjustments at 12:01 am and Cleanfuel at 4:01 pm.
Other companies are expected to make similar announcement later this week.
The Department of Energy has also released the latest data available showing the latest year-to-date adjustments. The data shows a total net increase of P16.55 per liter of gasoline, P15.00 per liter of diesel, and P12.74 per liter for kerosene as of October 5, 2021.
What can you say about the expected pump price surge? Just feel free to leave your comments and reactions to this article.