Update on Oil Price Net Increase on Fuel Since January 2022
OIL PRICE NET INCREASE – Here are some details on the net increase in the prices of diesel, gasoline, and kerosene since January 2022.
The global oil problem is felt down to the household level. In the Philippines, a lot of people appeal for help from the government amid the ongoing high costs of oil products. Among them are the drivers of public utility vehicles (PUVs).
PUV drivers continuously seek help from the government explaining that they can hardly bring home an amount that could provide for the needs of their families. The high costs of fuel make a big cut from their daily earnings.
The national government previously released fuel subsidies for PUV drivers. According to the authorities, it is quite not possible for the petitions seeking the increase of the minimum fare to be approved under the outgoing administration.
The government also released fuel vouchers for farmers and fisherfolks who are using oil-utilizing machinery for their livelihood. There were instances of price rollbacks but they are not as big as the price hikes on fuel.
Based on a report on ABS-CBN News, several motorists are looking for gasoline stations that sell the cheapest diesel, kerosene, or gasoline so they can get more fuel from their money. Usually, these affordable fuels are not sold by known oil companies.
According to the report, the oil price net increase since January until June has brought the prices of diesel, gasoline, and kerosene up by more than Php 25.00 per liter. Diesel suffers the highest cost among the three (3) oil products.
Oil Price Net Increase from January to June 2022:
- Diesel – Php 36.85 per liter
- Gasoline – Php 26.55 per liter
- Kerosene – Php 33.10 per liter
The ongoing war between Russia and Ukraine is one of the factors that cause the global oil problem. The authorities eye the possibility that the increases will continue.
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