Wed. May 18th, 2022

Oil companies will implement another round of big-time hikes on their pump prices starting Tuesday morning.

FILE PHOTO: Oil drills are pictured in the Kern River oil field in Bakersfield, California November 9, 2014. REUTERS/Jonathan Alcorn/File Photo

 This will be the third week that pump prices have gone up by more than P1 per liter.

In separate statements, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will raise diesel prices by P1.50 per liter and gasoline by P1.80 per liter.

Caltex, Seaoil, and Shell will also hike gasoline prices by P1.30 per liter.

Local players have been increasing fuel prices for eight weeks in a row.

In the past two months, including the price hike this Tuesday, local prices of diesel have increased by P8.65, gasoline by P7.20, and kerosene by P8.05.

“Dubai crude has increased week-on-week by around $3 per barrel. MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also increased by almost $4 per barrel and $4.40 per barrel, respectively,” the Department of Energy’s (DOE) oil bulletin said.

DOE Assistant Secretary Gerardo Erguiza Jr. earlier said the oil price hike is mostly affecting the transport sector and has minimal impact on power rates.

The government is also eyeing to help the affected sectors through subsidies.

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