MANILA, Philippines – Oil companies set their largest price hikes yet as the war between Russia and Ukraine continues to escalate and triggers a global inflation wave.

Caltex, Petron, Cleanfuel, PTT Philippines, Seaoil, Unioil, and Flying V announced they would increase pump prices for the 11th straight week, with the adjustments taking effect on Tuesday, March 15.

Prices of diesel are going up by P13.15 per liter and gasoline by P7.10 per liter. Kerosene prices will rise by P10.50 per liter.

Other companies are generally expected to follow the same hikes.

Petro Gazz initially said it would raise the price of diesel by P6.50 per liter and gasoline by P3.50 per liter on Tuesday. It later announced additional hikes of P6.65 for diesel and P3.60 for gasoline which would take effect on Thursday, March 17, and would bring its total increases for the week to the same levels as the other oil firms.

Since the start of 2022, diesel prices have gone up by P30.65 per liter, while gasoline and kerosene have increased by P20.35 and P21.90, respectively.

In a statement on Monday, March 14, transport group Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (Piston) said it will stage a mass protest on Tuesday.

Piston said its members will call on the government to implement price controls for fuel and basic goods, increase the minimum wage, and scrap the oil deregulation law.

The government is set to release subsidies amounting to P2.5 billion ($49 million) for jeepney drivers on Tuesday. State economic managers intend to double that aid, given the uncertainties.

The Philippine peso further weakened on Monday, trading at P52.475 against the dollar. – Rappler.com