Philippine oil firms are set to implement on Tuesday a rollback in pump prices of petroleum products, but this will not be enough to offset the 11 weeks of successive hikes.
In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will reduce prices per liter of gasoline by P5.45, diesel by P11.45, and kerosene by P8.55.The changes will take effect 6 a.m. on Tuesday, March 22, 2022. Other companies have yet to make similar announcements for the week.of increases, and are not enough to offset the increases implemented last Tuesday alone when gasoline prices were hiked by P7.10 per liter and diesel by P13.15 per liter.
The Department of Energy has maintained the ongoing conflict between Russia and Ukraine has hit global prices, which in turn impacted domestic prices. Latest data available from the department also indicate the year-to-date net increase of P20.35 per liter for gasoline, P30.65 per liter for diesel, and P24.90 per liter for kerosene as of March 15, 2022., the Maritime Industry Authority said Monday.
In a Super Radyo dzBB interview, MARINA administrator Robert Empedrad explained that in the first two years of the COVID-19 pandemic, they requested the ship owners not to increase their rates, to which they abided with. However, the recent fuel price hikes are already causing a big impact on their shipping business, he added.