Oil price hike May 10 2022

The price of gasoline and diesel has risen by P4.20 each beginning Tuesday, May 10, 2022. It comes after a minor rollback last week that saw the price of gas and diesel go down by P0.65 and P1.15, respectively.

Through separate advisories issued on Monday, local oil companies including Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said they will increase the price of gasoline and diesel by P4.20 per liter.

Meanwhile, Caltex, Flying V, Petron, Seaoil, and Shell have also raised kerosene prices by P5.85 per liter. The changes took effect past midnight at 12:01 AM on Tuesday.

Motorists barely felt last week’s rollback—only the fourth of the year—as fuel prices are at a net increase since the start of the year at P21.05 per liter for gasoline, P33.25 per liter for diesel, and P27.15 per liter for kerosene.

Global oil prices have reportedly risen due to news of the planned sanctions by the European Union against Russian oil, further exacerbating supply issues. As the conflict in Eastern Europe rages on and the end of the COVID-19 pandemic is still unclear, it may be a while yet before we start to see oil prices stabilize. 

The motoring public could see further oil pricing instability as the future of the Philippine economy is put into question in the coming weeks and months. On Tuesday, the Philippine Stock Exchange index (PSEi) went down by 127.55 points, or 1.89 percent. As of 12:30 PM, the market is still down by 1.33 percent. The Mining and Oil index, in particular, also took a nosedive by going down 8.01 percent during the same period.

We’ll have to hold our breaths and hope for the best as we continue bracing ourselves for more fuel price hikes in the foreseeable future. When the next rollback could be is anyone’s guess at this point, so be prepared for the worst.

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