Another Pump Price Hike on Tuesday (February 21, 2023), Oil Firms Say
OIL PRICE ADJUSTMENT – Several oil firms announced another round of pump price hikes for gasoline and diesel.
The increasing trend of oil prices has a significant impact on consumers in the Philippines. These hikes can lead to higher costs for transportation and goods, particularly for those who rely on diesel or gasoline-powered vehicles.
It is worth noting that the price of oil is influenced by several factors, including global supply and demand, geopolitical tensions, and production cuts by oil-producing countries. Unfortunately, these factors are beyond the control of consumers and local oil companies.
On Monday (February 20, 2023), various oil companies announced another round of price increases for petroleum products such as gasoline and diesel, while decreasing the price of kerosene.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. will implement an increase of P0.90 per liter of gasoline and P1.05 per liter of diesel, while the price of kerosene will go down by P0.25, according to separate advisories.
Meanwhile, Cleanfuel will implement a similar price adjustment, except for kerosene, which it does not carry. These adjustments will take effect at different times on Tuesday (February 21, 2023), with Caltex adjusting prices at 12:01 am and Cleanfuel at 4:01 pm.
All gasoline stations will implement changes at 6 a.m. Last week, diesel and kerosene prices decreased by P2.20 and P2.50 per liter, respectively, while gasoline prices remained the same.
According to the latest data from the Department of Energy, year-to-date net decreases for diesel and kerosene stand at P2.15 and P0.25 per liter, respectively, while gasoline prices have increased by a net of P5.10 per liter.
What can you say about the looming oil price hike? Just feel free to leave your comments and reactions to this article.
Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; Facebook, Twitter, and YouTube
