Pump prices of petroleum products have already increased by an average of P28 per liter since January 1 this year.
Diesel prices rose by P30.30 per liter, gasoline went up by P23.85 per liter, kerosene increased by P27.65 per liter.
Oil companies started implementing price hikes after Russia launched military operations to invade Ukraine.
According to Phoenix Petroleum Philippines president Henry Fadullon, the Philippines is a major importer of petroleum products and being fully reliant on imported fuel makes the country prone to geopolitical risk and price volatility.
“For a country like the Philippines who imports most of its product coming from overseas. I think it’s important that we focus on supply security,” he said in an interview on ABS-CBN News Channel (ANC).
The increases resulted in higher prices of basic goods.
Today, June 7, oil companies will increase their diesel price by P6.55 per liter, gasoline by P2.70 per liter, and kerosene by P5.45 per liter.IMT
