We really hoped last week's predicted oil price increase wouldn't push through but alas, there's no stopping the inevitable. There will be another big-time fuel price hike on Tuesday, April 26.
Officially, the price adjustments for tomorrow stand at an increase of PHP 4.10 per liter of diesel, PHP 3.50 per liter of kerosene, and PHP 3.00 per liter of gasoline.
Like the price movements from past weeks, Shell, Seaoil, and CleanFuel were the first to announce the unpleasant news, with the price hike taking effect tomorrow for Shell and Seaoil at 6:00 AM, while CleanFuel will adjust their prices at 8:00 AM. Other companies are expected to follow the same adjustments and could make it official later in the day.
According to the Department of Energy, the volatility of oil in the global market is mainly caused by these factors: the relaxation of lockdowns in China increasing their demand for oil, the halt of peace talks between Russia and Ukraine, plus the possibility of Russian oil being banned in EU countries.
As it stands, tomorrow will be the 14th oil price increase for 2022, bringing the year-to-date adjustments to a net increase of PHP 18.45 for gasoline and PHP 31.45 for diesel.
That being said, these are indeed trying times, and the effect is much more profound, especially in a diesel-loving country like ours. So how do you cope with these drastic fuel price increases? Let us know in the comments.