Local oil companies have increased prices of diesel and kerosene as oil prices in the world market suddenly increased last Friday following the death of a top Iranian general.
Diesel went up by P0.40 per liter contrary to the expected lower price increase of just P0.10 to P0.20 per liter.
Kerosene increased by P0.30 per liter.
On the other hand, gasoline prices went down by a leaner P0.10 per liter.
Oil firms that have adjusted prices were Pilipinas Shell Petroleum Corp., Seaoil, Cleanfuel, PetroGazz, Phoenix Petroleum, and Eastern Petroleum.
These adjustments are effective 6 a.m. today. The rest of the industry players are anticipated to follow.
With probable combined impact of the US-Iran geopolitical tension and the prospective implementation of the last tranche of excise taxes under the Tax Reform for Acceleration and Inclusion Act, Filipino consumers are in for massive spikes in their fuel budgets in the coming weeks.
And in the succeeding months, additional cost burden for consumers will be the usage shift of the maritime sector to fuel with lower sulfur content. (Myrna Velasco)
