Of Price Hikes and Rollback: Calculating Your Gas Budget

Calculating Gas Budget

Calculating Gas Budget: Brace yourselves, another fuel price hike is expected. In an article published by CNN Philippines last June 04, the price of fuel products is expected to increase starting June 07 according to Unioil Petroleum Philippines. The forecast reveals a price hike of P6.30 to P6.50 per liter for diesel and P2.50 to P2.70 for gasoline.

As of May 31, per liter prices have gone up by P23.85 for gasoline, P30.30 for diesel, and P27.65 for kerosene since the start of 2022, according to the Department of Energy. The government agency is keenly monitoring the rise and fall of the retail pump prices, such as that of Petron, Shell, Caltex, Phoenix, Total, Flying V, Unioil, and Seaoil, to mention a few.

Moreover, in an article published in the Daily Inquirer, Department of Energy’s Oil Industry Management Bureau Director Rino Abad reveals three prevailing events on supply pressure this week, which continue to push price increases. One of the reasons includes the start of increasing demand for northern hemisphere countries due to the summer peak period from June to September. Abad added that the European Union’s ban on Russian oil imports contributed to the upward pressure on prices.

It may be recalled that EU leaders agreed to slash oil imports from Russia by around 90% over the next six months following Russia’s invasion of Ukraine. Abad also added that the easing restrictions in China contribute to the price increase.

Calculating Gas Budget: With the concerning price hikes, it is prime time to be conscious of fuel consumption. This gas budget calculator, see below, can help estimate annual gasoline cost given the type of car, number of miles driven per month, and the price of fuel. The calculator can determine usage for vehicles such as Buick, Chevrolet, Chrysler, Dodge, Ford, GMC, Jeep, Kia, Lincoln, Mercury, Oldsmobile, Pontiac, Saturn, Acura, BMW, Honda, Hyundai, Isuzu, Lexus, Mazda, Mercedes, Mitsubishi, Nissan, Saab, Subaru, Toyota, Volkswagen, and Volvo.

Click here for gas budget calculator

The website, CarPaymentCalculator.Net, also enumerates ways to save money on a gas budget. Carpooling, use of public transportation, taxi cabs, motorcycles and scooters, electric car conversion kits, electric and hybrid cars, small cars, bicycles, and walking can do the trick. Careful planning, determining a cost-effective route, and monitoring price hikes are also helpful. Related: Free car games for kids and adults

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