Oil Firms Set to Implement Another Pump Price Hike Starting Tuesday (February 21)
OIL PRICE HIKE – Several oil firms in the country announced another pump price hike for eight straight weeks.
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 increasing fuel prices prompted various transport group to ask for fuel subsidy.
Some gasoline stations in the Philippines were set to implement another increase on prices of petroleum products including gasoline, diesel, and kerosene. It will mark eight consecutive weeks of increases.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. announced that they will impose an addition P0.80 per liter of gasoline, P0.65 per liter of diesel and P0.45 per liter of kerosene.
Cleanfuel and Petro Gazz will impose similar price adjustment except for kerosene which they do not carry.
All oil companies were set to implement the price changes at 6:00 am on Tuesday (February 22, 2022) except for Caltex which will impose the changes at 12:01 am and Cleanfuel at 4:01 pm.
The price hike was due to the ongoing tightness of oil supply in the global market and its impact on domestic prices.
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 P7.95 per liter of gasoline, P10.20 per liter of diesel, and P9.10 per liter of kerosene as of February 15, 2022.
What can you say about the impending price hike? Just feel free to leave your comments and reactions to this article.