Another fuel price hike scheduled for February 22

Petroleum companies such as Shell, Seaoil, Cleanfuel, and Petrogazz have announced they’ll be hiking up fuel prices again tomorrow (February 22, 2022). Gasoline is set to increase by Php 0.80USD 0.01INR 1EUR 0.01CNY 0.10, with diesel to increase by Php 0.65USD 0.01INR 0.94EUR 0.01CNY 0.08 and kerosene is set to go up by Php 0.45USD 0.01INR 0.65EUR 0.01CNY 0.06. Most companies are set to implement the price hike by 6:01am, while Cleanfuel has opted instead to do theirs by 4:01pm tomorrow afternoon.

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This is the 8th straight week that prices have gone up, and it seems there is no end in sight just yet. The only silver lining to this latest increase is that it wasn’t as big as last weeks, however the Department of Energy’s (DOE) year-to-date (YTD) price adjustment tells a grim tale. With this latest price hike YTD price adjustments for gasoline is Php 8.75USD 0.15INR 13EUR 0.14CNY 1 per liter, diesel will hit Php 10.75USD 0.18INR 16EUR 0.17CNY 1 per liter  and kerosene at Php 9.55USD 0.16INR 14EUR 0.15CNY 1 per liter.

As stated in our previous story on a possible fuel supply disruption, There are a number of factors that contribute to fuel price increases, current world affairs normally take the top. The good news is the top trending tensions between Ukraine, Russia and Nato seems to have found as respite with some troops being called away from the Ukrainian boarder by Russia. This has resulted in natural gas prices in Europe to drop somewhat, which means we may have to bear with this just a little bit longer.