Seventh straight petroleum price hike set Tuesday; gasoline up P5.70 year-to-date

Oil firms are set to implement another big-time hike in the pump prices of petroleum products on Tuesday, marking the seventh straight week of increases.

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 P1.20, diesel by P1.05, and kerosene by P0.65.

Cleanfuel, Petro Gazz, and Unioil Petroleum Philippines Inc. will implement the same adjustments, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, February 15, except for Cleanfuel which will implement the adjustments at 4:01 p.m., and Caltex at 12:01 a.m. the same day.

Latest data available from the Department of Energy indicate that year-to-date adjustments stand at a total net increase of P5.70 per liter for gasoline, P7.95 per liter for diesel, and P7.20 per liter for kerosene as of February 1, 2022.

According to Oil industry Management Bureau Director Rino Abad, the continuous increases are due to supply chain disruptions, with the global supply down.

“May mga supply disruptions tayo na nangyari sa Libya, Kazakhstan, Ecuador. Of course, may recent tayo na very geopolitical issue between Russia and Ukraine,” he said in an interview on GTV’s “Balitanghali” on Monday.

“Ang threat po na ‘yan ay nagrereflect na, kahit wala pang actual disruption. Nagrereflect na ‘yan ‘yung actual sentiment ng market,” he explained.

(There have been supply disruptions in Libya, Kazakhstan, Ecuador. Of course, there have also recently been geopolitical issues between Russia and Ukraine… That threat is being reflected even if there is still no actual disruption.)

Pump prices have only been increased so far this year, following 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. —KG, GMA News