Oil Firms Announces Another Big-Time Pump Price Hike Starting This Week

Various oil firms in the country were set to implement another big-time pump price hike starting on Tuesday (June 7, 2022).

Nowadays, the prices of petroleum products play a very important role to the country’s economy. Oil price changes usually causes significant impact on prices of products and services in the country.

Pump price hike would contribute to the daily 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.

Oil Firms

Some gasoline stations in the Philippines announced another increase in prices of petroleum products including gasoline, diesel, and kerosene. It marks the second straight week of increases for diesel and kerosene.

Pilipinas Shell Petroleum Corp. announced an additional P2.70 per liter of gasoline, P6.55 per liter of diesel, and P5.45 per liter of kerosene. Cleanfuel will implement similar changes except for kerosene, which it does not carry.

The price adjustment for June 7 to 13, 2022 trading week was due to the ongoing conflict between Russia and Ukraine.

Oil Firms

All oil companies will implement the price changes at 6:00 am except for Cleanfuel which will implement the changes at 8:01 am. Meanwhile, other oil firms are expected to make similar announcements later this week.

The Department of Energy (DOE) released the latest data available showing the year-to-date adjustments. The total net increase stands at P23.85 per liter of gasoline, P30.30 per liter of diesel, and P27.65 per liter of kerosene as of May 31, 2022.

What can you say about the expected price hike😕 Just feel free to leave your comments and reactions to this article.

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