Oil firms set biggest increase in fuel prices

MANILA, Philippines, March 15 ------ Local pump prices of gasoline and other petroleum products are rising at a pace never seen before and the Department of Energy (DOE) has warned consumers to brace for bigger increases. The DOE on Monday called on oil companies to help the public by continuing to provide discounts to motorists and staggering their increases.

The DOE is also thinking of other ways to provide temporary relief to consumers, whether in relation to liquefied petroleum gas (LPG) or other petroleum products, according to assistant director Rodela Romero of the department’s Oil Industry Management Bureau. Romero said a bigger adjustment could be expected because of the ban on Russian oil imports due to its invasion of Ukraine, which will constrict supply and push oil prices higher. On Monday, oil companies indicated that the increase in pump prices this week would be the biggest so far this year.

In separate advisories, oil firms Caltex, Petron, Seaoil, Unioil, Petro Gazz, Flying V, Clean Fuel, and PTT on Monday said the price increase for diesel would be P13.15 a liter, P7.10 a liter for gasoline and P10.50 a liter for kerosene, effective midnight Tuesday. This would bring local pump prices to as much as P84 for diesel and P94 for gasoline. Compared to last year, motorists will now be paying P31 more for a liter of diesel, P20 more for a liter of gasoline, and P25 more for a liter of kerosene. Prices of LPG also rose by P7.95 a kilo this month.

At the Laging Handa briefing, Romero appealed to oil companies to continue offering discounts to some motorists as part of their corporate social responsibility and delay the implementation of the increases to ease the burden on consumers. “Hopefully, the members of the industry will listen so that our burden will be lightened even a bit,” she said.

The government has also been providing fuel subsidies to public transportation drivers and operators amid the successive fuel price hikes, she noted. There have also been calls for a fare adjustment as well as for the suspension of the excise on fuel products to cushion the impact of the price increases.

Source: inquirer.net