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.
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.
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.
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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