Oil Firms Told Filipino Motorists to Brace for Another Fuel Price Hike
OIL PRICE HIKE – Several oil firms are set to impose another fuel price hike for three consecutive weeks starting on Tuesday (June 21).
Over the past months, the consecutive pump price hike causes a significant impact on the prices of products and services in the country. The prices of basic commodities have started to increase due to oil price changes.
Oil price hikes also 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.
The gasoline stations in the country announced another round of increases in prices of petroleum products including gasoline, diesel, and kerosene. It will mark the third consecutive week of increases.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. announced an additional P0.80 per liter of gasoline, P3.10 per liter of diesel, and P1.70 per liter of kerosene. Cleanfuel will impose similar price adjustments except for kerosene which it does not carry.
All oil companies will impose the price adjustment at 6:00 on Tuesday (June 21, 2022) except for Cleanfuel, which will adjust prices at 8:01 am. Other oil companies are expected to make similar announcement later this week.
According to the Department of Energy – Oil Industry Management Bureau Director Rino Abad, the European Union’s ban on Russian imports triggered the higher prices of petroleum products.
DOE also released the latest data available showing the year-to-date adjustments. The data shows that the total net increase stands at P28.70 per liter of gasoline, P41.15 per liter of diesel, and kerosene by P4.85 per liter as of June 14, 2022.
What can you say about the impending pump price hike? Just feel free to leave your comments and reactions to this article.
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