Another Big-Time Pump Price Hike Expected This Week
Gasoline stations are set to implement another big-time pump price hike this week, which would take effect on Tuesday (January 25, 2022).
Nowadays, 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
Over the previous weeks, the prices of petroleum products continue to increase and contribute to the burden of the Filipino people.
Several oil companies in the Philippines announced another increase on prices of petroleum products including gasoline, diesel and kerosene. The expected oil price hike will mark the fourth week of consecutive increase.
Oil firms including Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. announced an additional amount of P1.45 per liter of gasoline, P1.90 per liter of diesel and P1.70 per liter of kerosene.
Cleanfuel and Petro Gazz will impose similar price adjustments except for kerosene which they do not carry. The fourth consecutive weeks of price increase hits more than P1 per liter.
All petroleum companies will impose the price changes at 6:00 am on Tuesday except for Cleanfuel which will implement the adjustments at 4:01 pm. Other oil firms have yet to make similar announcements.
The Department of Energy released the latest data showing the current total net increase. The data shows a total of P2.60 per liter of gasoline, P3.50 per liter of diesel, and P2.74 per liter of kerosene as of January 11, 2022.
What can you say about the expected oil price increase? Just feel free to leave your comments and reactions to this article.