Major oil players in the Philippines have announced a new round of big-time fuel price hikes that will take effect at 12:01pm on October 5, 2021.
Caltex Philippines, Inc. has increased its fuel rates by P1.45 per liter for the Silver (91 Octane) and Platinum (95 Octane) gasoline products; and P2.05 per liter for diesel and kerosene products.
Cleanfuel and Pilipinas Shell have also issued an advisory on the same price adjustments. Prior to this, the Department of Energy appealed to the oil companies to implement a staggered fuel price hike to cushion its effect on the motorists and commuters.
Economists say the latest round of hikes was triggered by the reopening of economies, after many countries have gotten the COVID-19 pandemic under control with the aggressive vaccination campaign and implementation of strict health protocols.
The strong demand for fuel in European countries has contributed to the series of price increases, as residents prepare for the winter season. The price per barrel of oil globally plays between US$72 and US$79.
Riders, you still have time to fuel up before the price hike takes effect. What are you waiting for?
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