Gas and diesel prices to increase PHP 0.90 and PHP 0.80, respectively
If you've been hoping for the price of gasoline and diesel to roll back this week, tough luck as fuel prices are set to increase for the 9th consecutive week.
Beginning tomorrow, March 1, gasoline prices will receive a PHP 0.90 increase. Meanwhile, diesel will get a PHP 0.80 price hike. Last but not least, kerosene prices will go up to PHP 0.75 per liter.
Caltex, Cleanfuel, Jetti, Petrogazz, Seaoil, Shell, and Unioil have already released advisories regarding the upcoming price hike tomorrow. While most will adjust their prices at 6:00 AM on March 1, Caltex will hike prices as early as 12:01 AM tomorrow. Meanwhile, Cleanfuel will only increase fuel prices at 4:01 PM tomorrow.
The continued rise of fuel prices is caused by the recent Ukraine-Russia conflict. Russian military forces officially entered Ukrainian territory last February 24, 2022. This is in contrast to what Russian officials stated weeks before that they had no plans to invade Ukraine.
With Russia showing no signs of stopping its operations in Ukraine, other European countries have already imposed economic sanctions against Russia. These include financial, energy, transportation, and trading sanctions. The US, Japan, Australia, the UK, Australia, and New Zealand have also announced their own sanctions against Russia.
Since there is no certainty yet as to when the conflict between the two nations will end, expect the trend in fuel prices to continue going up.