Oil Firms Set To Impose Big-Time Hike on Pump Prices

Oil Firms Announce Another Price Adjustment This Week

Several oil firms announced a big-time hike on prices of petroleum products following five straight weeks of rollbacks.

Nowadays, pump prices 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.

Oil price hike contributes 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.

Oil Firms

The oil companies in the country were set to implement another price increase on prices of petroleum products such as gasoline, diesel and kerosene. The price hike will take effect on Tuesday (December 14).

Chevron Philippines Inc. (Caltex) and Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. announced a price increase of P1.60 per liter of gasoline, P1.35 per liter of diesel and P1.20 per liter of kerosene.

Cleanfuel and Petro Gazz will implement similar adjustments except for kerosene, which they do not have.

Oil Firms

All gasoline stations were set to impose the price changes at 6:00 am on Tuesday except for Caltex which will implement the adjustments at 12:01 am and Cleanfuel at 4:01 pm.

Meanwhile, other oil companies are expected make similar announcements later this week.

The Department of Energy (DOE) has released the latest data available showing the year-to-date adjustments as of December 7, 2021. The data shows a total increase of P15.70 per liter for gasoline, P13.05 per liter for diesel, and P10.49 per liter for kerosene.

What can you say about the expected price adjustment? Just feel free to leave your comments and reactions to this article.

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