Motorists will have to pay even more for petroleum products starting Tuesday, January 25, as oil firms announced another big-time price hike to mark the fourth straight week of hikes.
In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will hike prices per liter of gasoline by P1.45, diesel by P1.90, and kerosene by P1.70.
Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.
This is the fourth straight week of increases, with oil firms only implementing upward price movements so far this year. It is also the fourth consecutive week that the price of at least one petroleum product was hiked by over P1 per liter.
The changes will take effect at 6 a.m. on Tuesday, January 25, for all the firms except for Cleanfuel which will implement the adjustments at 4:01 p.m., and Caltex at 12:01 a.m. the same day. Other firms have yet to make similar announcements for the week.
Latest data from the Department of Energy indicate that year-to-date adjustments stand at a total net increase of P2.60 per liter for gasoline, P3.50 per liter for diesel, and P2.74 per liter for kerosene as of January 11, 2022.
This follows a net increase of P17.65 per liter for gasoline, P14.30 per liter for diesel, and P11.54 per liter for kerosene in 2021. —Jon Viktor Cabuenas/KG, GMA News