Manila: 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.
According to Philippines News Agency, 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 PHP5.18 per liter, and kerosene by PHP5.58 per liter. Energy Secretary Sharon Garin noted in an online briefing that the upward adjustments, set to take effect starting Tuesday, are driven largely by higher international oil prices amid renewed tensions affecting energy flows through the Middle East.
Garin highlighted that the depreciation of the peso is among the factors contributing to the price hike, as domestic companies utilize the 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 announced that it will increase diesel prices by PHP5.10 per liter and gasoline by PHP4.60 per liter. Seaoil stated that the 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.
Amid challenges, Garin mentioned that 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. She emphasized the importance of ensuring that families can manage essential expenses despite the increase in fuel costs.
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.
