Another Oil Price Hike Expected on Tuesday (March 1)
Several gas stations are set to impose another oil price hike on the first week of March for the ninth straight 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.
Pump price hike contributes to the 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.
Some oil companies in the Philippines announced another increase on petroleum products including gasoline, diesel and kerosene. The impending price adjustment with the ninth week of consecutive price hike.
Pilipinas Shell Petroleum Corp. announced an increase of P0.90 per liter of gasoline, P0.80 per liter of diesel and P0.75 per liter of kerosene. Cleanfuel will implement the same price adjustment except for kerosene which it does not carry.
All companies are expected to implement the price changes at 6:00 am on Tuesday (March 1, 2022) except for Cleanfuel that will impose the price adjustment at 4:01 pm.
Other oil firms have yet to make similar announcements later this week. The oil prices have continued to increase in the past eight weeks and the price of petroleum products have reached P80 in some provinces.
The Department of Energy (DOE) has also 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.
What can you say about the impending price increase? Just feel free to leave your comments and reactions to this article.
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