Pump price rollback set Tuesday, but not enough to offset 11 straight weeks of hikes

Philippine oil firms are set to implement on Tuesday a rollback in pump prices of petroleum products, but this will not be enough to offset the 11 weeks of successive hikes.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will reduce prices per liter of gasoline by P5.45, diesel by P11.45, and kerosene by P8.55.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Total Philippines Corp. will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect 6 a.m. on Tuesday, March 22, 2022, except for Caltex which will implement the changes at 12:01 a.m., and Cleanfuel at 8:01 a.m. the same day. Other companies have yet to make similar announcements for the week.

The rollbacks come after 11 straight weeks of increases, and are not enough to offset the increases implemented last Tuesday alone when gasoline prices were hiked by P7.10 per liter and diesel by P13.15 per liter.

A number of domestic firms have also implemented a temporary rollback, giving a slight reprieve from the successive hikes.

The Department of Energy (DOE) has maintained the ongoing conflict between Russia and Ukraine has hit global prices, which in turn impacted domestic prices.

Latest data available from the department also indicate the year-to-date net increase of P20.35 per liter for gasoline, P30.65 per liter for diesel, and P24.90 per liter for kerosene as of March 15, 2022.

The successive fuel price hikes may lead several shipping companies to increase their rates, the Maritime Industry Authority (MARINA) said Monday.

In a Super Radyo dzBB interview, MARINA administrator Robert Empedrad explained that in the first two years of the COVID-19 pandemic, they requested the ship owners not to increase their rates, to which they abided with.

However, the recent fuel price hikes are already causing a big impact on their shipping business, he added. —AOL/KG, GMA News