The Big Rise in Gasoline (and Diesel) Prices Begins Today

0

2020 and 2021 have been difficult for all of us. With the way it’s going, 2022 is likely to be even tougher, especially for motorists, as fuel prices have continued to soar.

Yesterday the oil companies Shell, Caltex, CleanFuel and Seaoil announced that there will be a big increase in the price of fuel today, March 8, 2022. For us bikers, there will be a further increase in the price of gasoline PHP 3.60/litre. , while diesel fuel will see a huge price hike of PHP 5.85/litre.

Other oil companies are expected to follow suit.

According to oil companies, the conflict in Eastern Europe has affected the world price of oil and is approaching 100 USD/barrel to date.

According to the Ministry of Energy, if 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 reach PHP 69.00 per liter. .

Proposed Fuel Excise Tax Suspension

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

“If you want an immediate impact, not only on the transport sector but also on all citizens, then we must pass Bill 10488 as soon as possible,” said Bayan Muna representative Carlos Zarate.

Zarate was referring to a measure to suspend certain provisions of the Tax Reform for Acceleration and Inclusion Act (TRAIN Act) which imposed a tax of PHP 10/litre on gasoline, a tax of PHP 6, PHP 00/litre on diesel, a tax of PHP 5.00/litre on kerosene, and PHP 3.00/kg on LPG.

Is it high time to switch to electric motorcycles? Or maybe use those legs more while riding a bike?

Share.

Comments are closed.