Gas, diesel up again: DOE lists latest fuel price increases

March 24 ------ The Department of Energy has announced more fuel price increases effective today. Gasoline prices will go up P6.47 per liter, diesel prices will go up P11.88/liter and kerosene will go up P13.66/liter, the country’s energy chief said.

DOE Secretary Sharon Garin said oil prices have slightly calmed down in the international market, with fewer spikes in the last few days. The energy department continues to ask oil companies to implement staggered price increases “pero ‘yung iba hindi kaya so we’re still waiting for their reports for today kung ano yung plano nila," Garin said.

She added that implementing staggered price increases means lost revenue since fuel prices are fluctuating daily due to the Middle East conflict. The energy chief said fuel stockpiles will last until the first week of May as more deliveries come in. Philippine Economic Society ex-president Alexander Escucha, meanwhile, warned it is highly likely that the present oil crisis may echo the 1973 global oil crisis, which led to severe fuel rationing.

Escucha noted economists have warned that even if the Iran crisis ends this month, restarting oil refineries and liquefied natural gas facilities of Qatar and Iran could last 3-4 weeks up to 3 months. “My conclusion here is - wag na natin hintayin ang last week of April para mamaluktot. Ngayon pa lang, the government should be proactive to prepare for a - hindi lang possible but highly likely na - ang pag cut off or severe reduction of supply of oil similar to the 1973 war,” he said in a separate DZMM interview.

He added: “Maghanda na sa possible rationing. Dapat ngayon pa lang handa na ang ating mentalidad.” Carpooling and busing services are just some of the measures that could help mitigate a fuel crisis, he said. Oil prices rose early Monday after US President Donald Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face decimation of its energy infrastructure and Israel warned the war would continue for several more weeks. The US president is demanding the Islamic republic reopen the blocked Strait of Hormuz, through which some 20 percent of the world's oil and gas shipments transit. The bottleneck has nearly halted all petroleum shipments through the narrow waterway, and oil prices have spiked.

Independent oil firm Petro Gazz, meanwhile, announced more stations that will roll back prices of diesel and gasoline by 5 pesos per liter while other firms implement price increases.

Source: news.abs-cbn.com