Oil Firms Set To Impose Another Pump Price Hike on Tuesday (Oct 19)
OIL PRICE HIKE – Several oil firms in the country were set to impose another pump price hike for eight 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 usually 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.
Recently, some oil companies in the Philippines announced another increase on prices of petroleum products. The upcoming oil price hike would mark the eight straight weeks of increases.
Shell and Seaoil would implement an addition P1.80 per liter of gasoline, P1.50 per liter of diesel and P1.30 per liter of kerosene. Cleanfuel would also impose similar price adjustments except for kerosene, which they do not carry.
The gasoline stations would enforce the new price adjustments starting on Tuesday (October 19, 2021). Shell and Seaoil will enforce the price hike at 6:00 am while Cleanfuel will impose the price change at 4:01 pm on the same day.
Other oil firms are set to make similar announcement later this week.
Last week, some transport groups asked the Land Transportation Franchising and Regulatory Board to raise the minimum jeepney fare from P9 to P12. A consumer group also urged the government to suspect the excise tax due to the series of pump price hike.
What can you say about the expected oil price increase? Just feel free to leave your comments and reactions to this article.