Filipino motorists will have added burden in their fuel budgets this week as oil companies announced P0.40 per liter hike on pump prices of their gasoline products; while diesel prices will rise by P0.35 per liter.
The oil firms similarly indicated that the price of kerosene products, a base for aviation fuel, will have slight uptrend of P0.15 per liter in this round of adjustments.
As of press time, the oil companies that already sent notices on their price hikes effective Tuesday (September 14), had been Pilipinas Shell Petroleum Corporation, Cleanfuel, PetroGazz, Seaoil and Chevron; while their competitor-firms are anticipated to follow.
With more intense competition in the industry, Cleanfuel opted to implement lower price hikes of P0.30 per liter for both gasoline and diesel products; while the rest of the oil companies increased their gasoline prices by P0.40 per liter; and diesel by P0.35 per liter.
The Philippine oil firms have been adjusting weekly prices based on the movement of the Mean of Platts Singapore (MOPS), which they adopted as a pricing benchmark in their weekly adjustments.
Filipino consumers are still widely on work-from-home arrangements and distance learning (online education) programs, hence, there would still be less worry on their part when it comes to swing of prices at the pumps.
The modified enhanced community quarantine (MECQ) state of movement restrictions is being enforced until September 15, hence, there will also be less movements, especially for those in Metro Manila and in other areas with high number of Covid cases. ###