Running low on gasoline or diesel? Better fuel up now as there will be another round of price hikes tomorrow.
That’s right, gas companies will once again be increasing prices across all fuel products on February 15, 2022. This will be the seventh consecutive week that companies have had to hike pump prices.
All gasoline products will go up by PHP 1.20 increase while diesel will get a PHP 1.05 price increase. Also included is kerosene which is set to add PHP 0.65 to its price.
Companies such as Caltex, Cleanfuel, Shell, Seaoil, and Petrogazz have already released advisories regarding the price hike set for tomorrow. Other gas companies have yet to release advisories but expect them to make price adjustments starting tomorrow. While most will immediately increase their pump prices as early as 6:01 AM tomorrow, Cleanfuel will only hike its prices starting at 4:01 PM.
Ever since the start of 2022, the price of diesel has shot up to PHP 7.95 while gasoline is currently at PHP 5.70 per liter. Kerosene, on the other hand, is currently at PHP 7.20 per liter. With the price increase set for tomorrow, year-to-date pump prices for diesel and gasoline will be at PHP 9.00 and PHP 6.90 per liter, respectively. As for kerosene, it will be at PHP 7.85 per liter.
The continued price increase of oil products is caused by the Ukraine-Russia conflict. Based on news reports, Russia has denied any plans to invade Ukraine despite the country continuing to increase the number of troops near the Ukrainian border.
The tensions between the two nations have already caught the attention of Western nations, including members of the North Atlantic Treaty Organization (NATO). Among those is the USA which has already addressed support for Ukraine should Russia attempt to invade the country.
With Ukraine serving as an important hub for gas and oil, higher tension between Russia and NATO forces has the potential to further increase the price of fuel in the coming weeks.