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Oil price hike again this week

June 27, 2022 Edd Reyes 261 views

BIG and small oil companies continue to “jack up” their pump prices following the announcement of another wave of fuel price increases which will take effect on Tuesday.

At 12:01 a.m. on Tuesday, Chevron Philippines will increase its prices of diesel products by P1.65 per liter, gasoline by P0.50 centavos per liter, and kerosene by P0.10 centavos per liter, while Pilipinas Shell and Petron Corporation, along with small oil players Flying V and Seaoil Philippines will implement the same price adjustments at 6:00 a.m.

Independent oil firms PTT Philippines, Total Philippines, Phoenix Petroleum, PetroGazz, Unioil Philippines, and Jetti Oil would impose the same price adjustments effective at 6:00 a.m. Tuesday while Clean Fuel at 8:01 a.m., except for kerosene, which they do not carry.

This would be the fifth consecutive week diesel prices will be hiked and the fourth consecutive week for gasoline.

The Department of Energy-Oil Industry Management Bureau said the “weaker” peso was the main contributing factor to the higher fuel prices other than the war between Russia and Ukraine.