Oil Firms to Impose Another Big-Time Pump Price Hike Next Week

Several oil companies in the country were set to impose another ‘big-time’ pump price hike starting next week.

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

Over the previous weeks, the prices of petroleum products continue to increase and contribute to the burden of the Filipino people. The increasing fuel prices prompted various transport group to ask for fuel subsidy.

Various gasoline stations in the Philippines announced another increase on prices of petroleum products including gasoline, diesel and kerosene. The firms will implement the third consecutive weeks of hike.

The oil firms will impose an additional P0.85 up to P1.00 per liter of gasoline, P1.70 up to P1.80 per liter of diesel and P2.10 to P2.20 per liter of kerosene. The price hike will take effect on Tuesday (January 18, 2022).

The oil companies will make further announcements regarding the price increase later next week.

The industry experts explained that the tight supply of petroleum products and sudden increase in demand amid the omicron variant prompted the pump price hike.

The latest data available from the Department of Energy (DOE) shows a total net increase of P17.65 per liter of gasoline, P14.30 per liter of diesel, and P11.54 per liter of kerosene in 2021.

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