Oil Firms Set to Impose Second Straight Week of Big-Time Pump Price Hike

Gas Station to Implement Big-Time Pump Price Hike on Tuesday (June 14)

Oil firms are set to impose the second straight week of big-time pump price hike starting on Tuesday (June 14, 2022).

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 pump price increases only contribute to the daily burden of Filipino people especially those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.

On Monday (June 13, 2022), various gasoline stations announced another big-time increase in the prices of petroleum products including gasoline, diesel, and kerosene. The impending price hike will mark the second straight week of increases.

Pilipinas Shell Petroleum Corp. will implement an additional amount of P2.15 per liter of gasoline, P4.30 per liter of diesel, and P4.85 per liter of kerosene. Cleanfuel will impose similar changes except for kerosene which it does not carry.

All oil companies are set to implement the price adjustment at 6:00 am on Tuesday except for Cleanfuel which will impose the changes at 8:01 am. Other firms have yet to make similar announcements later week.

Department of Energy-Oil Industry Management Bureau Director Rino Abad said that the summertime in northern hemisphere countries, ease of lockdown in China, and the Russia-Ukraine war triggered the price hike.

The Energy Depart has also released the latest year-to-date adjustments. The total net increase stands at P26.55 per liter of gasoline, P36.85 per liter of diesel, and P33.10 per liter of kerosene as of June 7, 2022.

What can you say about the looming price changes? Just feel free to leave your comments and reactions to this article.

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