Oil companies raise fuel prices today

Both 2020 and 2021 were tough for all of us. With the way it's going, 2022 may be even tougher, especially to motorists, because fuel prices have continued to soar.

Yesterday, petroleum companies Shell, Caltex, CleanFuel, and Seaoil, have announced that there will be a big-time fuel price hike today, March 8, 2022. For us motorcyclists, there will be an additional PHP 3.60/ liter price hike for gasoline, while diesel fuel will have an enormous PHP 5.85/ liter price hike.

Other petroleum companies are expected to follow suit.

According to the oil companies, the conflict in Eastern Europe has affected the global price of oil and is nearing USD 100/barrel as of this writing.

According to the Department of Energy, if the Dubai crude reaches USD 120/barrel, the estimated cost per liter of gasoline here in the country could reach PHP 78.33, while diesel could be as high as PHP 69.00 per liter.

Suspension of fuel excise tax proposed

Yesterday, members of the Philippine Congress supported the proposal to suspend the excise tax levied on fuel to ease the impact of the continued fuel price increases.

“If you want an immediate impact, not only on the transport sector but also to all citizens, then we have to pass ASAP the House Bill 10488,” said Bayan Muna Rep. Carlos Zarate.

Zarate was referring to a measure that seeks to suspend certain provisions in the Tax Reform for Acceleration and Inclusion Law (TRAIN Law) that has put PHP 10/liter tax on gasoline, PHP 6.00/liter tax on diesel, PHP 5.00/liter for kerosene, and PHP 3.00/kg on LPG.

Is it high time to switch to electric-powered motorcycles? Or perhaps use those legs more by riding your bicycle?