This seemingly never-ending fuel crisis has been leaving several holes in our wallets over the past months. We see a slight rollback one week then we see a massive price hike the next—this has been the trend for quite some time now.
As of this writing, both gasoline and diesel prices have shot up so high they’re nearing the hundreds already. But how high really have these fuel prices skyrocketed this year? As we now enter the second half of 2022, we take a quick look back at the numbers. Fair warning: You might want to brace yourselves for this one.
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We looked up the prevailing retail pump prices from January 2022 through the documents available on the Department of Energy’s (DOE) website. We took the common prices for 91RON gasoline and got the average of the nine cities listed. As of the first week of January, gasoline products had an average price of P62.10/L. The average for diesel, meanwhile, was P43.94/L.
We then employed the same formula to get the latest averages: P85.47/L for gasoline and P87.31/L for diesel, as of July 7, 2022.
Ready for the eye-watering numbers?
Net increase in gasoline price from January to July 2022:
- January 2022 average price: P62.10/L
- July 2022 average price: P85.47/L
- Net increase in gasoline price: P23.37/L
Net increase in diesel prices from January to July 2022:
- January 2022 average price: P43.94/L
- July 2022 average price: P87.31/L
- Net increase in diesel price: P43.37/L
That just means in some areas in the country, diesel has pretty much doubled in price. Ouch.
We’re starting to see a few major rollbacks here and there, but there’s still no telling when these prices will stabilize. All we know is that we’re still hoping for more good news, because this isn’t part of the “new normal” we were prepping for during this pandemic.
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