Get ready for long lines at gas stations, and significant thinning of your wallets. Tomorrow, June 7, a massive fuel price hike is set to affect both gasoline and diesel from the pumps. As posted by PH Fuel Watch, it seems that last week’s estimate of PHP 2.62 and PHP 5.81 increase for gas and diesel, respectively, was quite conservative. In less than 24 hours, prices for petroleum products. will soar as both are set to go higher.
The fuel price hike set for tomorrow is the biggest one yet
Last week, gasoline already went up by more than PHP 2.00, with diesel going down PHP 0.45. Whatever sigh of relief we might have had then is something we can only hope for next week. Projected increases this week are at PHP 2.50 – 2.70 for gasoline and a whopping PHP 6.30 – 6.50 for diesel. That could push the latter well above PHP 80.00 per liter. The fuel price adjustments may still be subject to change, and the prices per liter will vary between stations and locations.
After the European Union agreed on banning the import of all Russian oil by the end of the year, this was to be expected not just in the Philippines, but the world over. As we all know, Russia’s military advances into neighboring Ukraine started a very big mess (to say the least) and this ban aims to stop fueling the Kremlin’s war machines. Other economic factors have continuously come into play, but we can bet on more fuel price fluctuations until this ceases, most likely in a sad, upward direction.
For now, all we can do is try to save on gas and diesel consumption as much as we can. We’ve come up with a quick guide to help you do so, and you can read it here. The entire economy will be greatly affected after tomorrow’s price hike, so spend wisely, and travel even wiser so.