Another big-time oil price hike set tomorrow

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OIL companies are set to implement another price hike of petroleum products on Tuesday.

Companies such as Pilipinas Shell Petroleum Corp., Petron, Flying V, Caltex and Seaoil Philippines Inc., have announced that they will impose a P3 increase per liter for the price of their gasoline, while P4.10 per liter will be added for diesel and P3.50 for kerosene.

Other companies like Clean Fuel, Unioil, Petro Gazz, PTT, and Jetti also announced a similar price hike in their gasoline and diesel products, except for kerosene.

For the past 16 weeks this year, a total of 13 price increases have been made on petroleum products, and the war between Russia and Ukraine are pointed to as one of the main reasons for the continued oil price hikes.

According to data from the Department of Energy, the net increase in prices have already reached P15.45 per liter for gasoline, P27.35 per liter for diesel, and P21.55 for kerosene as of April 19, 2022.

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