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Update on Possible Another Oil Price Hike on March 15, 2022

OIL PRICE HIKE – Another increase in the prices of oil products is expected on March 15, 2022. Here are some details.

Currently, a lot of Filipinos are struggling to cope with the increasing prices of oil products. The prices of oil have continuously increased 10 times straight now since January 2022. The increase in fuel prices took place almost every week.

Many public utility vehicle (PUV) drivers are complaining that they can hardly bring home a good amount for their families’ needs because of the high pump prices. The national government pledged to release fuel subsidies to some 377,000 drivers of jeepneys, buses, tricycles, and delivery vehicles.

The said fuel subsidy will be distributed by the Department of Transportation (DOTr). It is expected that the subsidies would be released next week.

Oil Price Hike
Photo Credit: Philippine Star

The Department of Budget and Management (DBM) also confirmed that fuel discount cards will be given to fishermen and farmers who use agriculture and fishing machinery amid the oil price hike.

Unfortunately, amid the current struggle due to the high prices of oil, another oil price hike is expected to take place on Tuesday, March 15, 2022. Based on a report on ABS-CBN News, the price of diesel is forecast to increase between Php 11.80 to Php 12.00 per liter while the price of gasoline may go up by Php 6.90 to Php 7.20 per liter. With regards to kerosene, the price may increase by Php 9.70 to Php 9.80 per liter next week.

  • DIESEL – Php 11.80 to Php 12.00
  • GASOLINE – Php 6.90 to Php 7.20
  • KEROSENE – Php 9.70 to Php 9.80

There are forecasts that the ongoing war between Ukraine and Russia may trigger another oil price increase. More updates may be posted soon.

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READ ALSO: LTFRB Speaks on Release of Fuel Subsidy for Drivers amid Oil Price Hike

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