The price of kerosene, a product which is typically used as a base fuel for aviation and a key commodity for some industries, will also increase by P0.45 per liter as announced by the industry players.
With the incessant rise in prices, 2022 is flourishing as a major “recovery year” for the oil companies because the rising prices have been greatly contributing to upticks in their revenues as well as on their profits. This is already the 13th price hike this year for the oil companies after just three rounds of price rollbacks that had not done much to cushion cost impacts on the pockets of Filipino consumers.
Global market watchers noted that the price uptrends may continue in the days and weeks ahead which means the financial torment of consumers at petroleum pumps is not seen ending anytime soon.
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