Oil Companies Announced Another Pump Price Hike This Week

Oil Companies to Impose Another Pump Price Hike on Tuesday (October 18)

Various oil companies announced another round of pump price hike this week, which marks the second straight week of increases.

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.

Pump price hike contributes to the 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.

Pump Price Hike

On Monday (October 17, 2022), several gasoline stations in the country announced another increase in prices of petroleum products including gasoline, diesel, and kerosene starting on Tuesday (October 18).

Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. announced an additional amount of P0.80 per liter of gasoline, P2.70 per liter of diesel, and P2.90 per liter of kerosene.

Cleanfuel will impose similar changes except for kerosene which it does not carry.

Pump Price Hike

All companies will implement the price adjustments at 6:00 am on Tuesday except for Cleanfuel, which will impose changes at 4:01 pm on the same day. Other oil firms have yet to make similar announcements later this week.

The Department of Energy (DOE) released the latest data available indicating the year-to-date total adjustments, which stand at a net increase of P15.85 per liter of gasoline, P35.80 per liter of diesel, and P26.75 per liter of kerosene as of October 11, 2022.

The social media users expressed their reactions to the post:

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

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