We'll see another mixed fuel price adjustment for the second consecutive week. But this time, it's the gasoline motorists' turn to save a few bucks at the pumps.
Beginning Tuesday, May 31, 2022, oil players in the country will impose a PHP 1.20 per liter price hike for diesel, and PHP 2.45 per liter for kerosene. Gasoline, on the other hand, is having a price rollback this week and will go down by PHP 1.70 per liter.
Pilipinas Shell and Clean Fuel were among the first ones who announced their fuel price movements for tomorrow, with the two companies implementing the adjustments at 6:00 AM and 8:01 AM, respectively. We should expect other oil players to make their announcements later in the day.
This week's price increase/decrease only accounts for around half the amount of last week's adjustments. As it stands, diesel still is on a net decrease while gasoline remains on a net increase. As a whole, oil prices still hover at around 70 to 90 pesos per liter depending on the location, which is still pretty much an equivalent of a fast-food value meal.
According to Business Standard, oil prices on the international market have gained about 50% so far this year and could move considerably higher as the EU continues to seek unanimous support to refuse oil supply from Russia.
With these new price adjustments, diesel-powered vehicles might be seen crowding local fuel stations today.