Oil prices jump after 2 weeks of rollbacks

MANILA (UPDATED)-- Oil prices are going up again on Tuesday after 2 cosecutive week of rollbacks.

Petroleum companies announced the following price hikes effective Tuesday, May 20: 

SHELL PILIPINAS and SEAOIL (effective 6 a.m.)
Gasoline - P1.20/liter increase
Kerosene - P1.20/liter increase
Diesel - P1.70/liter increase

PETRO GAZZ (effective 6 a.m.)

Gasoline - P1.20/liter increase

Diesel - P1.70/liter increase

CLEAN FUEL (effective 4:01 p.m.)

Gasoline - P1.20/liter increase

Diesel - P1.70/liter increase

Rodela Romero, Assistant Director of the Oil Industry Management Bureau (OIMB) at the Department of Energy said geopolitical tensions pushed oil prices up anew.

“Hindi pa po malinaw ‘yung peace deal na ginagawa between Russia tsaka Ukraine…nagkaroon rin ng outlook na nilabas ang (Organization of Petroleum-Exporting Countries), expect daw nila na itong 2025 oil supply growth, mukhang hindi ganun ka ganda,” she explained.

 Based on DOE data, gasoline’s net price increase since January 1 is at P4/liter, diesel’s is at P3.80/liter, but kerosene’s net price drop is at P2.05/liter.

Jeepney and taxi drivers are already worried over the price hikes, saying the increases will cause their daily earnings to drop.

“Wala, talo na kami. ‘Yung kita namin maliit lang kasi walang pasok,” said jeepney driver Glen Calingacion. 

“Sa amin po ma’am, malaking epekto ‘yan. Kahit singkwenta centavos, o piso malaking bagay sa amin ‘yun,” said taxi driver Rolly Cardona.

 Cardona also noted that students being on summer break will also hurt their incomes.

If they earn P1,800 a day, half of it is allocated for gas purchases, which only makes it a break-even situation for those who spend hours on the road.—with reports from Alvin Elchico, ABS-CBN News