Fuel price increases averaged P11.67 per liter over three months  

COVID-19 cases have not been the only numbers rising in the Philippines in the last three months. With the country on the third year of the pandemic, prices of gasoline and diesel fuel have gone up by an average of Php 11.67 per liter since November 2021. 

Motorists have so far had to contend with more fuel price increases since the new year started 

As of February 15, 2022, gasoline prices have increased a total of 10 times since November 2021, totaling Php 11.25 per liter according to data from Philkotse’s research. For diesel, price hikes amounted to Php 12.10 for every liter within the same 16-week period. In terms of price reductions, gasoline rolled back by a total of Php 6.45 per liter, compared with Php 6.05 for diesel. 

From November 9 to December 7, 2021, there were five successive cuts implemented on gasoline prices amounting to Php 6.25 per liter. Incidentally, the week of November 12 coincided with Congress' approval of a proposed bill easing excise taxes on fuels. The most significant price reduction took place on the second week of December, with a rollback of Php 2.40 for every liter of gasoline. This was followed by two weeks of price increases, with the last price reduction so far recorded on December 28 at Php 0.20 per liter.

Meanwhile, oil companies generally slashed diesel fuel prices from November 2021 to the second week of December amounting to almost Php 5.4 per liter, with no price movements recorded for November 16. The week after that, the government began distributing Php 7,200 worth of fuel subsidies to PUJ drivers and operators affected by rising oil prices. Diesel prices continued to plunge after that, culminating in a Php 2.65 per liter rollback on December 7.  

By December 14, diesel prices again rose by Php 1.35 per liter, followed by a Php 0.55 increase the following week before falling by Php 0.65 per liter on the week of the New Year celebrations. Since 2022 started, prices of both fuels have been on the uptick, totaling almost Php 8.00 per liter for gasoline and Php 10.20 per liter for diesel. 

To illustrate the difference between then and now, a vehicle with a 40-liter fuel tank back in November 2, 2021 would have needed Php 2,468 for a full tank of 91 octane gasoline in Manila priced at Php 61.70 per liter, or Php 2,114.80 for the cheapest diesel blend priced at Php 52.87 per liter. 

By the week of February 10, 2022, the same vehicle will now need Php 2,503.20 for a full tank of 91 octane gasoline in the same location, or Php 2,328.80 worth of diesel.     

Get your fill of important mobility-related trends at Philkotse.com.