Fuel prices are going up for 8th straight week

It seems there is no end in sight to the continued rise of fuel prices. Just last week, the price of gasoline and diesel increased PHP 1.20 and PHP 1.05 per liter, respectively. Not even kerosene was spared as it also received a PHP 0.65 price hike.

With another round of price hikes set to happen tomorrow, we know you're wondering just how high it will go. Fortunately, it will not be as big compared to last week’s price increase.

Starting tomorrow February 22, gasoline prices will get a PHP 0.80 increase. Meanwhile, diesel is set to receive a price hike of PHP 0.65. Last but not least, the price of kerosene will go up to PHP 0.45 per liter.

Companies such as Shell, Cleanfuel, Seaoil, and Petrogazz have already released advisories regarding the impending price hike set for tomorrow. However, while most gas companies will adjust their prices as early as 6:01 AM, Cleanfuel will only increase pump prices at 4:01 PM tomorrow afternoon.

This will be the 8th consecutive week pump prices will go up. According to the Department of Energy, year-to-date (YTD) price adjustments now stand at a total net increase of PHP 7.95 for gasoline, PHP 10.20 for diesel, and PHP 9.10 for kerosene. With the price hike set for tomorrow, YTD price adjustments for gasoline will go up to PHP 8.75 per liter while diesel reach PHP 10.85 per liter. As for kerosene, it will stand at PHP 9.55 per liter.

Fuel prices tend to be affected by uncertainty and other major events such as the tensions between Russia, Ukraine, and NATO. The price of natural gas in Europe has started to decline after Russia announced it will partially withdraw troops near the Ukrainian border, but tensions certainly do not help. Together with other factors, expect the trend in fuel prices to be somewhat predictable but not in the direction most of us like.