The past three weeks following EU's banning of Russian oil has been nothing short of depressing, as the fallout has driven fuel prices to the moon. And yes, the increase is far from being done.
For this week, oil players in the country are set to impose yet another PHP 3.10 per liter increase for diesel, PHP 0.80 for gasoline, and PHP 1.70 for kerosene. Seaoil and Clean Fuel have announced their price advisories, and their adjustments are set to take effect by 6:00 AM and 8:01 AM tomorrow, respectively.
According to Reuters, Russian oil remains out of reach in most countries due to the sanctions imposed by Western powers. Strategic reserves have been released by countries like the United States, and OPEC+ members have ramped-up production to mitigate the impact, but global supply remains tight.
Including tomorrow's oil price hike, diesel is in a net increase of PHP 13.95 per liter in just three consecutive weeks. On the other hand, gasoline increased by PHP 5.65 per liter in the same period. Less than half the increase of diesel, but a mark up nonetheless. If we were to go further back, diesel has already gone up by PHP 44.35 per liter, and gasoline by PHP 29.50 since the start of the year.
In a country like ours where most vehicles use diesel, every little squeeze of the throttle counts. So how do you plan to survive these skyrocketing fuel prices? Let us know in the comments.