Oil prices to jump by double digits today

MANILA, Philippines, March 10 ------ The Department of Energy told motorists to brace for higher fuel prices as local oil retailers are set to implement double-digit hikes ranging from P17.00 to P24.00.

In a press conference, DOE Secretary Sharon Garin explained that the oil price hikes will be implemented on a staggered basis this week. Here are the oil price hikes per retailer:

Shell: P24.50/ per liter

Petron: P19.20/ per liter

Total: P20.20/ per liter

Chevron: P17.50/ per liter

Jetty: P19.00/ per liter

Seaoil: P21 to P23/ per liter

Garin explained that the DOE does not have the power to regulate price increases due to the Downstream Oil Industry Deregulation Act.

Marcos to request emergency powers

President Ferdinand Marcos Jr. will formally request emergency powers from Congress to reduce the excise tax on petroleum products, according to the Palace. In a statement, Palace Press Officer Claire Castro said that the Department of Energy will make the request on behalf of the president.

The request was to be made on Monday, March 9. “The president has asked that we unite, no matter what happens in the Middle East. We should be united and help one another, Castro said in Filipino. Senate President Tito Sotto on Monday said that the matter will be taken up in session today, alongside a bill allowing the importation of biofuel.

The government has already issued several mitigation measures to address the possible shortage of gas, including implementing a four-day work week to lessen gas consumption. The feared energy crisis stems from escalating tensions in the Middle East. The United States and Israel had attacked Iran, prompting it to retaliate across the Gulf countries.

Source: philstar.com