Oil Firms to Impose Pump Price Hike on Tuesday (December 20, 2022)
Several oil firms in the country were set to impose a pump price hike ahead of Christmas after a few weeks of price rollback.
Over the past few decades, 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 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.
Various oil companies in the Philippines announced another round of increases in the prices of petroleum products including gasoline, diesel, and kerosene after four weeks of consecutive rollbacks.
Pilipinas Shell Petroleum Corp. said that the price of gasoline will increase by P0.70 per liter, diesel prices will increase by P2.90 per liter and kerosene will jump by P1.65 per liter.
Gasoline stations will implement the price adjustments at 6:00 am on Tuesday (December 20, 2022). However, other companies have yet to make similar announcements later this week.
The price increase is due to the recovery of oil demand in China, according to DOE Oil Industry Management Bureau Director Rino Abad.
The Department of Energy has released the latest data available indicating the year-to-date total adjustments, which stands at a net increase of P13.25 per liter for gasoline, P24.60 per liter for diesel, and P19.15 per liter for kerosene as of December 13, 2022.
What can you say about this impending oil price hike? Just feel free to leave your comments and reactions to this article.
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