Oil firms welcome 2022 with big-time price hike

Motorists will open the year with hefty fuel prices as oil firms on Monday announced a big-time increase.

In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will increase prices per liter of gasoline by P1.85, diesel by P2.40, and kerosene by P1.85.

Cleanfuel and PetroGazz will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, January 4, for all the firms except for Cleanfuel, which will implement the changes at 4:01 p.m. the same day.

Latest data available from the Department of Energy show that last year's  adjustments stood at a total net increase of P17.85 per liter for gasoline, P14.95 per liter for diesel, and P12.39 per liter for kerosene as of December 21, 2021. —Jon VIktor D. Cabuenas/KBK, GMA News