Motorists will once again have to bear another oil price hike. Pump prices are set to go up for the 11th straight week, with diesel set to receive its biggest increase yet.
Beginning tomorrow March 15, gasoline prices will increase PHP 7.10 per liter. Meanwhile, diesel will be receiving a price hike of PHP 13.15. Last but not least is kerosene which will be getting a PHP 10.50 increase.
Gas companies like Caltex, Shell, Petron, and Cleanfuel have already released advisories regarding the upcoming increase. Caltex will adjust its prices starting at 12:01 AM tomorrow, March 15. On the other hand, Shell and Petron will only increase prices at 6:00 AM.
As for Cleanfuel, they will only hike prices starting at 4:01 PM tomorrow afternoon. Other companies have yet to announce price increases. However, expect them all to also adjust their prices starting tomorrow.
The continued rise of gasoline and diesel prices can be attributed to the ongoing Ukraine-Russian conflict. Despite economic sanctions against Russia, the country continues to send troops and armored convoys towards Ukraine.
The Department of Energy has already warned the public that should the price of oil per barrel to continue to go up, gasoline and diesel prices could hit PHP 86.72 and PHP 81.10, respectively. Presidential aspirant Senator Panfilo 'Ping' Lacson has already called for the temporary suspension of the fuel excise tax in order to provide some relief for motorists. Should this be approved, it could slash gasoline and diesel prices by PHP 10 per liter and PHP 6 per liter on diesel and kerosene.
If you still haven't gassed up yet, now would be the perfect time to do so.