Gasoline Stations To Implement Pump Price Increase Next Tuesday (February 1, 2022)
OIL PRICE HIKE – The gasoline stations in the country were set to implement another price increase starting next week.
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. The pump prices are based on the Mean of Platts Singapore (MOPS) indices.
Numerous oil companies in the Philippines announced another increase on prices of petroleum products including gasoline, diesel and kerosene. The price hike will continue, according to industry players.
Gasoline stations will impose an additional P0.80 to P0.95 per liter of gasoline products, P0.65 to P0.75 per liter of diesel and P0.45 to P0.55 per liter of kerosene. The price changes will take effect on Tuesday (February 1, 2022).
The Department of Energy said that the soaring prices of petroleum products was due to the depreciating value of the Philippine peso against US dollar and price hike in the world market.
Aside from gasoline, diesel and kerosene, the price of liquefied petroleum gas (LPG) may increase next month due to the price movement in the global market.
The oil firms will make further announcements regarding the price increase later next week.
DOE’s latest data available shows a total net increase 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.
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