Oil firms to raise prices for 13th time this year

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PETROLEUM companies announced on Monday, April 18, 2022, another increase in fuel prices, the 13th for the year.

Companies will implement an additional P0.45 per liter for gasoline and kerosene and P1.70 per liter for diesel.

Caltex Petroleum Corp. will implement the price adjustments at 12:01 a.m. of April 19, while Shell Philippines and Seaoil will have it effective 6 a.m.

The Cleanfuel price increase will be effective at 4:01 p.m. Tuesday, April 19.

There have been 13 price hikes and only three price decreases this year.

According to the Department of Energy (DOE), as of the last price hike on April 12, the year-to-date adjustments stood at a net increase of P15/liter for gasoline, P25.65/liter for diesel and P21.10/liter for kerosene.

The Philippines is experiencing a series of oil price hikes due to low supply as an effect of the ongoing invasion of Russia in Ukraine.

This has also resulted in the price increase of basic commodities.

Last March, the National Government started the distribution of fuel subsidy for the transportation and agriculture sectors that have been badly affected by the looming crisis.

To cushion the impact on poor families, President Rodrigo Duterte has ordered the distribution of an additional P500 in monthly cash aid to selected families. (TPM, CTL)

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