Another round of fuel price increase set for tomorrow

Throughout the entire month of January, gas companies increased the price of gasoline and diesel for 4 consecutive weeks. This has resulted in gasoline now averaging between PHP 58 to near PHP 70 per liter, depending on where you gas up. Meanwhile, the price of diesel now averages from PHP 52 to near PHP 60 per liter.

After hiking prices on the first week of February, surely companies are now ready to roll back fuel prices right? Unfortunately, gas companies will be increasing pump prices again. Starting February 8, 2022, the price of gasoline will receive a PHP 1.05 price hike. As for diesel, it will get a PHP 1.20 price increase. Last but not least is kerosene which will get a PHP 1.25 hike.

Companies like Pilipinas Shell, Caltex, Petrogazz, and Seaoil have already announced that they will be adjusting their prices tomorrow at 6:00 AM. In addition, Cleanfuel will also be hiking prices tomorrow starting at 4:01 PM. Other gas companies have to make an official announcement. However, expect them to also adjust their pump prices accordingly.

As of today, year-to-date pump prices stand at a total increase of PHP 5.70 per liter for gasoline, PHP 7.95 per liter for diesel, and PHP 7.20 per liter for kerosene, according to the Department of Energy.

This will be the sixth consecutive week into 2022 that fuel prices will increase. One of the reasons behind the continuous rise of crude oil is the rising tension on the Russia-Ukraine border. With Ukraine serving as a key oil and gas transit hub between Russia and Europe, further escalation between the Russian military and members of the North Atlantic Treaty Organization (NATO) has the potential to further increase the price of fuel through the coming weeks.

With tensions still high in Europe due to Russian and NATO forces, we won’t be surprised that the price of fuel will continue to go up in the coming weeks.