Oil Firms to Impose Another Pump Price Hike This Week
OIL PRICE HIKE – Several oil firms will impose another pump price hike this week marking the fifth straight week of increases.
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.
Numerous oil companies in the Philippines announced another increase on prices of petroleum products including gasoline, diesel and kerosene. The oil price increase will continue, according to industry players.
Numerous gasoline stations in the Philippines have announced another increase on petroleum products including gasoline, diesel and kerosene. The price adjustment will mark the fifth week of consecutive price hikes in the Philippines.
Pilipinas Shell Petroleum Corp. released an advisory announcing an additional increase of P0.75 per liter of gasoline and diesel and P0.45 per liter of kerosene. Cleanfuel and Petro Gazz will impose similar price changes except for kerosene which they do not carry.
All companies are set to implement the price adjustment at 6:00 am on Tuesday (February 1, 2022) except for Cleanfuel which will impose the changes at 4:01 pm.
Meanwhile, other oil companies will make similar announcements later this week.
The Department of Energy (DOE) has released the latest data available showing the year-to-date adjustments. The data shows a total net increase of P4.95 per liter of gasoline, P7.20 per liter of diesel, and P6.75 per liter of kerosene as of January 25, 2022.
What can you say about the impending pump price hike? Just feel free to leave your comments and reactions to this article.
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