MANILA, Philippines – Oil companies on Monday, March 7, announced their biggest price hikes to date, as Russia’s invasion of Ukraine sent global prices soaring.

Shell, Caltex, Seaoil, and CleanFuel announced an increase of P5.85 per liter for diesel and P3.60 per liter for gasoline. 

The price of kerosene, which CleanFuel does not carry, will go up by P4.10 per liter.

The price hikes will be implemented on Tuesday, March 8. Other oil companies are expected to follow the same increases.

Prior to the announcement, prices of gasoline and diesel had already gone up by 31.3% and 44.1%, respectively, while kerosene jumped 34.2% from a year ago.

The House of Representatives’ fuel crisis ad hoc committee convened on Monday to discuss possible interventions amid rising oil prices. 

Dubai crude has breached the $80-mark and is feared to rise even more, as supply struggles to keep up with demand.

If Dubai crude reaches $120 per barrel, the Department of Energy estimates gasoline prices may rise to P78.33 per liter, while diesel may leap to P68.97 per liter. For kerosene, P71.21 per liter is projected, while liquefied petroleum gas could hit P107.08 per kilogram.

Transport groups have already asked for a fare hike.

The government, however, is proposing a one-time fuel subsidy program worth P2.5 billion ($49 million) for public transport drivers.

The Development Budget Coordination Committee earlier said the Department of Transportation would use the amount to give fuel vouchers to 377,000 drivers. – Rappler.com