Business and Economy
Big-time oil price hike again this week
MANILA – Oil companies will implement another big-time price increase on petroleum products starting Tuesday morning.
In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will hike diesel prices by PHP4.10 per liter and PHP3 per liter on gasoline prices.
Caltex, Seaoil, and Shell will also add another PHP3.50 per liter on kerosene prices.
Oil firms started to increase fuel prices last week after a two-week rollback.
During the Laging Handa public briefing Monday, Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said oil prices in the global market remain volatile.
“So ang titingnan ho natin ngayon, iyong presyo sa April 25, today ‘no, sa daily trading dahil makikita natin kung pataas o pababa. Pero nakikita ho natin, wala naman masyadong significant increases doon sa prices. So unlike in the past, nagkaroon ng pagpalo nang napakalaki na umabot ng PHP12, at pagpalo rin ng pagbagsak ng PHP12. Ito, paunti-unti iyong pagtaas ngayon (So what we are looking at is the prices today, April 25, because we can see the increase or decline in the daily trading. But what we see is there are no significant increases in the prices. So unlike in the past, we had a big-time increase reaching to PHP12, and when it went down, it plunged to PHP12 also. Now, what we see is a gradual increase),” Erguiza said.
The Oil Industry Management Bureau (OIMB) has also cited current global developments that affect the petroleum prices in the world market.
These include the unresolved conflict between Russia and Ukraine, possible European Union embargo on Russian oil, continued sanctions on Russian oil, low spare capacity of Organization of Petroleum Exporting Countries and its allies (OPEC+) to replace Russian fuel, and the pending nuclear talks that could possible inject another one million barrels per day from Iran crude.
Local oil prices stood a net increase of PHP14.70 per liter for gasoline, PHP26.25 per liter for diesel, and PHP20.60 per liter for kerosene with the price increase implemented last week.
Christopher Burac
April 26, 2022 at 1:42 AM
This is a very bad news to hear but to keep the bad news light let’s talk about the other side of the oil price hike..Well I know it’s a hassle and “sakit sa ulo” but on the other hand it’s also beneficial. For example instead of riding into public transportation or in your own cars you’ll just rather choose to walk since it would cost you lots amount of money if you choose to ride,and we know that walking is very healthy and a very good means of exercising..Also by choosing not to ride vehicles and transportations that uses diesels and gasolines we could also diminish and decrease the air pollution since the smokes that come from these are usually the ones that pollute the air.. I know that this would be a hassle to everyone but let’s do our best to look at the other side of this issue!
Vee-Jay Lee
April 28, 2022 at 8:43 AM
Uneccesary and hassle for jobs that required gasoline gas especially jeepney drivers, tricycle drivers, grab drivers, bus drivers, taxi drivers and food delivery drivers etc. We shall not be affected by Russia as we do not claim any position and interfere the country of both side. We should still continue to consider getting the oils from all countries. It’s so sad when price hike will continue to increase, they will just buy a gasolinr over foods? so when we think that critically they will spend much on the gasoline than income in thier jobs.