Big-Time Oil Price Hike on the First Week of 2022 Greets Motorists

New Year’s happy aura is short-lived as consumers are greeted with a big-time oil price hike at the start of 2022.

This comes as oil firms Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil announced in different advisories that their diesel prices will rise by PHP2.40 per liter, while their gasoline products will also increase by PHP1.85 per liter.

Moreover, kerosene prices of Caltex, Seaoil, and Shell will increase by PHP1.85 per liter.

Other oil firms are expected to follow suit.

The price hike already marks a year-to-date increase of over PHP1.50 for all fuel products.

Globally, oil prices increased during the first week of trading for 2022.

Year-to-date price adjustments for fuel products last year was a net increase of PHP17.10 per liter for gasoline, PHP13.75 per liter net increase for diesel, and a net increase of PHP10.84 per liter for kerosene. (GFB)