Consecutive Fuel Price Hikes Hit Consumers as Gasoline, Diesel, and Kerosene Rates Rise

Fuel consumers are facing a sustained period of price increases, with oil firms announcing yet another round of hikes for gasoline, diesel, and kerosene. This marks the fifth consecutive week of price increments for gasoline and diesel, and the second for kerosene, adding to the growing concern over rising fuel costs.

Pilipinas Shell Petroleum Corp., one of the major players in the industry, has issued an advisory detailing the upcoming adjustments. According to their statement, prices per liter of gasoline will rise by P0.75, diesel by P1.50, and kerosene by P0.80. Similarly, Cleanfuel, another significant firm in the sector, is set to implement the same price changes, with the exception of kerosene, a product they do not offer.

The new rates are scheduled to come into effect at 6 a.m. on Tuesday, February 6, for Shell, and at 4:01 p.m. the same day for Cleanfuel, setting the stage for a week where consumers will have to dig deeper into their pockets to afford their fuel needs.

The recent price adjustments align with the projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB). The bureau attributes these hikes to various global factors, including drone attacks and fires at Russian oil facilities, as well as discussions surrounding the extension of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

The impact of these price increases is evident when looking at the figures from the previous week, which saw gasoline prices soar by P2.80 per liter, diesel by P1.30 per liter, and kerosene by P0.45 per liter. The cumulative effect of these hikes is substantial, with the latest data from the DOE indicating year-to-date net increases amounting to P4.40 per liter for gasoline, P2.90 per liter for diesel, and a net decrease of P0.05 per liter for kerosene as of January 30.

As the situation unfolds, consumers and industry stakeholders alike are closely monitoring these developments, understanding the significant role fuel prices play in the broader economic landscape and the daily lives of individuals.