Companies to implement oil price hike anew

By THIRD ANNE PERALTA-MALONZO, SunStar 

PETROLEUM companies announced on Monday, April 18, 2022, another increase in fuel prices.

Companies will implement an additional P0.45 per liter for gasoline and kerosene and P1.70 per liter for diesel.

Caltex Petroleum Corporation will implement the price adjustments at 12:01 a.m. of April 19, while Shell Philippines and Seaoil will have it effective 6 a.m.

The Cleanfuel price increase will be effective at 4:01 p.m. Tuesday, April 19.

The Philippines is experiencing a series of oil price hikes due to low supply as an effect of the ongoing invasion of Russia in Ukraine.

This has also resulted in the price increase of basic commodities.Last March, the National Government started with the distribution of fuel subsidy for the transportation and agriculture sectors, which are badly affected by the looming crisis.

To cushion the impact especially to the poor families, President Rodrigo Duterte has ordered the distribution of additional P500 monthly cash aid to selected families.

The government earlier said it is coming up with a more solid and long-term response to the fuel crisis that will benefit the people, especially the poor.

The Department of Energy said that in the event that Dubai crude reaches $120 per barrel, gasoline prices may reach P78.33 per liter, while diesel may increase to up to P68.97 per liter. (SunStar Philippines)