Major pump price hike set Tuesday to mark 12th weekly increase this year

Oil firms will implement another major hike in pump prices of petroleum products on Tuesday, bringing prices up for 12 out of the 13 weeks so far this year.

In an separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they would hike the prices per liter of gasoline by P3.40, diesel by P8.65, and kerosene by P9.40.

Cleanfuel, Petro Gazz, PTT Philippines Corp., 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, March 29, 2022 for all the firms except for Cleanfuel which will adjust prices at 8:01 a.m., and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar adjustments for the week.

Domestic pump prices have been on an uptrend in 11 out of the past 12 weeks, due to the ongoing conflict between Russia and Ukraine which has hit global prices.

Oil firms implemented a rollback last week, but this was not enough to offset the 11 weeks of successive hikes as these are lower than the increase implemented in the past week alone.

Latest data available from the Department of Energy (DOE) indicate that year-to-date adjustments stand at a net increase of P14.90 per liter for gasoline, P19.20 per liter for diesel, and P16.25 per liter for kerosene as of March 22, 2022.

The same data show that prices in Metro Manila range from P66.50 per liter (Quezon City) to P91.65 per liter (Muntinlupa) for gasoline, and from P66.50 (Quezon City) to P84.37 per liter (Pasay) from March 15 to 17, 2022. —KBK, GMA News