AN OIL price increase of more than P1 will greet motorists on Tuesday, Feb. 23, 2021, described by business leaders in Cebu as a "setback to the recovery of the world economy from the effects of the Covid-19."
In separate advisories on official social media pages, oil companies in the country announced the increase in pump prices.
Cleanfuel is set to increase gasoline prices by P1.20 per liter and diesel by P0.95 per liter at 4:01 p.m. on Tuesday.
Petrogazz will increase gasoline prices at 6 a.m. on Tuesday, of diesel by P0.95 per liter and gasoline by P1.20 per liter.
Seaoil will also increase at the same time for gasoline by P1.20 per liter, P0.95 per liter for diesel and P1 for kerosene at 6 a.m. Tuesday.
Caltex said the increase of fuel prices will take effect at 12:01 a.m. on Tuesday and it will increase Platinum by P1.20 per liter, Silver by P1.20 per liter, diesel by P0.95 per liter and kerosene by P1.05 per liter.
Pilipinas Shell announced its price adjustments that will take effect at 6 a.m. on Tuesday with gasoline with an increase by P1.20 per liter, diesel by P0.95 per liter and kerosene by P1 per liter.
PTT Philippines will increase theirs at 6 a.m with gasoline at P1.20 per liter and P0.95 for diesel.
Unioil already forecasted two days back for fuel prices to go up by Feb. 23 to Mar. 1, 2021, with a P1 to P1.10 increase for diesel and gasoline by P1.10 to P1.20 per liter.
"While the oil price increase is definitely an added burden to the financially challenged consumers suffering from a year old pandemic, we hope that this will only be temporary, and will correct itself after a maximum one month period when the oil supply resumes its regular production," Mandaue Chamber of Commerce and Industry president Steven Yu said. (JOB)