Pump prices up for ninth straight week Tuesday, March 1, 2022

Pump prices of petroleum products will be hiked for the ninth straight week this Tuesday, adding to prices which have already hit as high as P80 per liter in select areas in the country.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will increase prices per liter of gasoline by P0.90, diesel by P0.80, and kerosene by P0.75.

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.

The changes will take effect 6 a.m. on Tuesday, March 1, for all the firms except for Cleanfuel which will adjust prices 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.

Prices have been hiked in the past eight weeks, and have only followed an upward movement so far this year.

The Department of Energy (DOE) said prices are expected to increase further in the coming weeks, citing the limited output and the ongoing geopolitical tensions involving Russia, a major exporter.

Latest DOE data show that year-to-date adjustments stand at a total net increase of P7.95 per liter for gasoline, P10.20 per liter for diesel, and P9.10 per liter for kerosene.

Data from the same agency indicate that diesel prices in Metro Manila range from P51.65 per liter (Quezon City) to P68.94 per liter (Taguig City); and gasoline prices from P56.15 (Caloocan City) to P80.05  (Muntinlupa City) as of February 22, 2022.

Economic managers last week said they are closely monitoring the factors impacting domestic oil prices, with the government preparing some P2.5 billion for fuel subsidies of public utility vehicle (PUV) drivers. — RSJ, GMA News