Oil Firms Announce Price Adjustments for Tuesday (May 31)
Several oil firms announced a rollback on the prices of gasoline and an increase in the prices of diesel and kerosene.
Over the past few decades, the prices of petroleum products play a very important role in the country’s economy. Pump price adjustment usually causes a significant impact on the prices of products and services in the country.
The consecutive oil price hike during the past few months contributes to the daily burden of Filipino people, especially those who were in the public transport sector. It also contributes to the price hike of basic commodities. Price rollbacks can somehow ease the struggles of Filipino drivers.
Several gasoline stations in the Philippines announced another adjustment in the prices of petroleum products including gasoline, diesel, and kerosene. The price changes will take effect on Tuesday (May 31, 2022).
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. announced a P1.70 rollback on the price of gasoline. Oil companies will also impose an additional P1.20 per liter of diesel and P2.45 per liter of kerosene.
Cleanfuel and Petro Gazz will impose similar adjustments except for kerosene which they do not carry. All companies will implement the price changes at 6:00 am except for Caltex at 12:01 am and Cleanfuel at 8:01 on Tuesday.
Other oil companies have yet to make similar announcements later this week. From January 2022 up to the present time, gas stations in the country impose seven weekly rollbacks and most of them were price hikes.
The Department of Energy released the latest data available showing the year-to-date adjustments. The total net increase stands at 25.55 per liter of gasoline, P29.10 per liter of diesel, and P25.20 per liter of kerosene.
What can you say about the expected price changes? Just feel free to leave your comments and reactions to this article.