There seems to be no end to the increase in oil prices with another round of price hike set to take place on Tuesday, June 21.
Diesel prices will rise by P3.10 per liter, while gasoline prices will go up by P0.80 per liter and by P1.70 for kerosene.
The Department of Energy said this week’s adjustment was even offset by a lower Dubai crude benchmark and the COVID-19 lockdown in China which lowered demand.
“Bumaba ang fluctuation sa Dubai benchmark. We are expecting liliit, kaya lang ang bayaran ay sa dolyar at tumaas ang presyo ng dolyar kaya ang multiplier sa dolyar, tumaas, tumaas ang net effect. ‘Yan ang isang dahilan kung bakit bahagyang tumaas,” DOE USec. Gerardo Erguiza said.
Based on the DOE’s retail price monitoring in Metro Manila last week, gasoline was sold between P75.15 to P98.10 per liter, diesel for P77.40 to P94.90, and kerosene for P87.94 to P97.34.
The DOE said diesel being sold at a higher price than gasoline is due to a higher demand in diesel against gasoline, as well as the limitation in refining diesel.
The department also shed light on the possibility of pump prices hitting a hundred peso per liter.
“Pero kung nagpapatong-patong, may posibilidad ‘yan kung tuloy-tuloy bawat araw tumataas. Pero ‘ung biglaang pagtaas sa 100 [pesos], tingin ko ‘di naman mangyayari,” Erguiza said.
Meanwhile, the Land Transportation Franchising and Regulatory Board is preparing for the distribution of a second trance of fuel subsidy for the affected public utility vehicle drivers and operators before the end of June until July.
The DOE echoed its call on the need to amend the Oil Deregulation Law to give the government the freedom to respond to the rising price of crude. – Report from Naomi Tiburcio–ag
