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Oil Firms to Implement Another Round of Fuel Price Hike on Tuesday (June 28)

Several oil companies announced another round of pump price hike starting on Tuesday for fifth consecutive weeks.

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

Fuel 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

On Monday (June 27, 2022), numerous gasoline stations announced another price increase on the prices of petroleum products including gasoline, diesel, and kerosene. The expected price hike will mark the fourth for gasoline and the fifth for diesel and kerosene.

Pilipinas Shell Petroleum Corp. announced an additional amount of P0.50 per liter of gasoline, P1.65 per liter of diesel, and P0.10 per liter of gasoline. Cleanfuel will implement similar changes except for kerosene which it does not carry.

All oil firms will implement the price adjustment at 6:00 am on Tuesday (June 28, 2022) except for Cleanfuel which will adjust prices at 8:01 am the same day.

Oil Firms

The Department of Energy (DOE) has also released the latest data showing year-to-date adjustments. The total net increase stands at P29.50 per liter of gasoline, P44.25 per liter of diesel, and P39.65 per liter of kerosene as of June 21, 2022.

Last week, DOE Undersecretary Gerardo Erguiza Jr. said that fuel prices might even reach P100 per liter due to various factors, including the Russia-Ukraine war and increasing global demand.

What can you say about this announcement? Just feel free to leave your comments and reactions to this article.

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