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        Brace yourselves: P1.80/l gasoline, P1.50/l diesel price hike set for tomorrow

        When will this end?
        by Aris Ilagan Oct 18, 2021
        PHOTO: Aris Ilagan

        For the eighth straight week, Philippine oil firms have announced another round of price increase on fuel products that will take effect tomorrow, October 19, 2021.


        Effective at 12:01am, Caltex Philippines, Inc. will hike its pump prices for Platinum and Silver (gasoline) by P1.80 per liter; diesel by P1.50 per liter; and kerosene by P1.30 per liter. Pilipinas Shell and Cleanfuel have set the same cost adjustments for its products, but will be implemented at 6am and 4:01pm, respectively.

        Continue reading below ↓


        The local petroleum companies cited the skyrocketing global prices of fuel, which has breached $90 per barrel; the rising costs of ethanol; and the weakening of the Philippine peso against the US dollar.

        Continue reading below ↓
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        Based on a report by the Department of Energy (DOE), the landed cost of fuel has ballooned by 64%—from $15 per barrel in December 2020 to $26.57 per barrel in the first week of October 2021. Meanwhile, the price of ethanol has increased by 3.85% during the same period.

        Continue reading below ↓


        The latest round of fuel price hike comes on the heels of calls from different transport groups for a P3 fare increase, which is now pending before the Land Transportation Franchising and Regulatory Board (LTFRB).

        Meanwhile, Department of Transportation (DOTr) secretary Arthur Tugade has sent a letter to DOE about coordinating with petroleum companies for possible discounts to cushion the effects of the price hikes on public transportation, particularly public utility jeepneys.

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        PHOTO: Aris Ilagan

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