PETROLEUM companies in the country implemented on Tuesday, June 14, 2022, an increase of around P2 to P4 in the prices of fuel.
Caltex implemented a P2.15 per liter increase on gasoline, P4.30 per liter on diesel and P4.85 per liter on kerosene starting 12 a.m. of June 14.
The same price increase was implemented by Shell and Seaoil at 6 a.m. and 8:01 a.m., respectively, on Cleanfuel.
Since January this year, the price of diesel went up by P36.85, gasoline by P26.55, and that of kerosene was up by P33.10.
In Cebu City, the prices of petroleum products have almost doubled based on the June 7-13 monitoring of the Department of Energy (DOE).
Data from the DOE showed that the price of unleaded gasoline with Research Octane Number (RON) 91 ranged from P59.46 to P68.80 per liter on January 11, but as of June 7, it was already at P80.84 to P88.44 per liter.
For premium gasoline with RON 95, the January 11 price range was from P60.35 to P69.45 per liter. As of June 7, it was already at P81.29 to P89.24 per liter.
The price of diesel, meanwhile, is already at P78.75 to P90 per liter, from the P50.30 to P57.38 per liter noted on January 11.
Price for kerosene has increased to P85.02 per liter from P54.67 in January.
The Department of Energy said among the drivers of the oil price hike were the Russian oil ban by the European Union caused by its invasion of Ukraine, the increased demand in the United States and China, and the premium in Saudi Arabia crude.
Last week, the Land Transportation Franchising and Regulatory Board approved a P1 provisional minimum fare increase for public utility jeepneys in Metro Manila, Central Luzon and Calabarzon (Region 4-A).
The National Government also distributed cash aid to the transportation and agriculture sector to cushion the effect of the series of oil price hikes. (With EHP/SunStar Philippines)