Second straight week of major fuel price hikes set Tuesday

Oil firms are set to implement a major hike in pump prices of petroleum products this week, marking the second 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 P2.15, diesel by P4.30, and kerosene by P4.85.

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

The adjustments will take effect at 6 a.m. on Tuesday, June 14, except for Cleanfuel which will implement the changes at 8:01 a.m. and Caltex at 12:01 a.m. the same day.

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

Department of Energy-Oil Industry Management Bureau Director Rino Abad has attributed the price hike to the easing of lockdowns in China, the European Union ban on Russian oil imports, and the summertime of northern hemisphere countries from June to September.

Last week, Abad said the three previous rollbacks were due to the recent lockdown in Beijing and Shanghai in China. However, the government has been easing the lockdowns in China.

The latest increase comes after gasoline prices were hiked by P2.70 per liter, diesel by P6.55, and kerosene by P5.45 on June 7.

Latest data available from the Department of Energy show that year-to-date adjustments stand at a net increase of P26.55 per liter for gasoline, P36.85 per liter for diesel, and P33.10 per liter for kerosene as of June 7, 2022.

Meanwhile, several jeepney drivers stopped plying their routes with their families now struggling to make ends meet due to the continuous increase in pump prices of petroleum products.

The Land Transportation Franchising and Regulatory Board (LTFRB) said Saturday that the rollout of the second tranche of the P5-billion fuel subsidy program for public utility vehicle (PUV) drivers and operators is set late this month or early July.

LTFRB Executive Director Tina Cassion said the agency is preparing documents for the distribution of another P6,500 fuel subsidy for each PUV sector beneficiary.

Cassion said that as of last week only less than 5,000 of the 377,000 beneficiaries have yet to receive the first tranche of the fuel subsidy. —KG/BM, GMA News