Oil prices to rise by P4.69 to over P5 per liter in the PH this week

Acceleration of military actions in the Middle East, along with the general weakness of the Philippine peso, resulted in an over PHP5 per liter uptick in domestic fuel prices this week.

Data released by the Department of Energy (DOE) on Monday showed that gasoline prices will increase by as much as PHP4.69 per liter, while diesel will rise by PHP 5.18 per liter and kerosene by PHP 5.58 per liter.

“Beginning tomorrow, oil companies will implement upward adjustments, may oil price hike po tayo bukas (we will have an oil price hike tomorrow) in domestic petroleum prices, driven largely by higher international oil prices following renewed tensions affecting energy flows through the Middle East,” Energy Secretary Sharon Garin said in an online briefing Monday.

She said the depreciation of the peso is among the factors contributing to the price hike, as domestic companies use U.S. dollar to purchase oil products from overseas.

In separate advisories issued during the day, several oil companies announced that the price adjustments would be implemented by 6 a.m. on Tuesday.

Jetti Petroleum said it will increase diesel prices by PHP5.10 per liter and gasoline by PHP4.60 per liter.

Seaoil said price of its gasoline products will jump by PHP4.69 per liter, diesel by PHP5.18 per liter, and kerosene by PHP5.58 per liter.

Petron Corporation reported that it will increase gasoline prices by PHP4.70 per liter, diesel by PHP5.20 per liter, and kerosene by PHP5.60 per liter.

Income support

Amid challenges, Garin said public utility vehicle (PUV) drivers who qualify for government subsidies will continue to receive discounts of PHP12 per liter, up to a maximum of PHP1,800 per week.

"What matters at the end of the day is how much remains for food, electricity, school expenses, and other family needs," she said.

Garin also assured the public that the domestic fuel supply remains adequate.

"What we can do is maintain an adequate domestic supply, scrutinize price movements, enforce our inventory requirements, and provide assistance where the government can help ease the burden on our consumers," she added.

-PNA/Joann Villanueva