Motorists in Cebu have been experiencing the impact of ongoing oil price hike which has already raised gasoline prices up to P64.00 per liter.
Based on the Department of Energy’s (DOE) nationwide average price data, gasoline prices have increased by P17.87 between December 2020 and October 2021.
The price adjustment for LPG for the same period is P20.24, diesel at P16.05, and kerosene at P14.19.
The DOE said the price hike is caused by the insufficient oil supply and increasing demand in the world market.
“Mataas kasi ang demand sa mga first world countries, sila talaga ang cause ng increase. Kaunti lang ang supply ngayon because of the sanctions given sa Venezuela at Iran,” Atty. Mark Gamallo, DOE Director for the Visayas, said.
“Efficient use lang talaga sa fuel natin dahil nagmahal talaga, at wala talaga tayong control sa prices sa fuel,” he added, while proposing the use of active transport.
The DOE’s impact analysis shows that oil prices increased 31 times in the country since January.
Speaking at the Oct. 12 Laging Handa briefing, DOE Oil Industry Management Bureau (OIMB) Dir. Rino Abad said the current insufficiency on global crude oil supply may last until the end of the year.
“Talagang by the end of the year or the first quarter of 2022, doon po natin makikita iyong pag-ease up o iyong pagkakalma noong kakulangan ng supply ng crude oil,” he said.
“At the same time iyong paghinay-hinay na pagkalma or probably pagbaba na rin ang ating price ng petroleum product,” he added.
The official said the upward trend of LPG process was also caused by the current crude oil supply and the increased demand for heating.
“Nasa gitna na tayo noong pag-i-stocking of LPG inventory, at diyan po nagkaroon talaga ng napakataas na pressure ngayon doon sa agawan ng supply ng LPG to support the winter season demand for heating,” he said. – Report from John Aroa (PTV Cebu)/AG-rir
