Gas prices up P1.10; diesel higher by P1.55

Patrick Miguel - The Philippine Star
Gas prices up P1.10; diesel higher by P1.55
Motorists get their tanks filled at a gas station along Commonwealth Avenue on February 19, 2024.
STAR / Michael Varcas

MANILA, Philippines — In separate advisories, oil companies increased pump prices by P1.10 per liter for gasoline, P1.55 per liter for diesel and P1.40 per liter for kerosene.

Today’s adjustments take effect at 6 a.m. with Jetti, PetroGazz and Shell. Meanwhile, CleanFuel’s adjustments take effect at 4:01 p.m.

The increase was forecast last Friday by the Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero, citing geopolitical movements as main drivers of the price hike.

Romero said oil prices changed on Thursday morning, causing a “breather” after a four-day “winning streak” due to fears of a wider conflict in the Middle East, namely the Israel-Hamas conflict, which might involve Iran.

Iran’s supreme leader recently said Israel “will be slapped” for a strike on Tehran’s consulate building in Syria, killing senior military commanders.

Romero added that the attack on Russia’s oil refineries by Ukraine has also impacted oil prices.

She said OPEC’s decision to continue its policy of production cuts and signs of stronger economic growth in the US and India also caused the hike.

Last week, oil companies implemented a mixed adjustment as fuel products increased by P0.45 per liter for gasoline and decreased by P0.60 and P1.05 per liter for diesel and kerosene, respectively.

Meanwhile, Land Transportation, Franchising and Regulatory Board chairman Teofilo Guadiz yesterday assured transport groups that the government is preparing fuel subsidies amid the unabated oil price hikes.
At a press conference, Guadiz said he is waiting for the go signal of the Department of Transportation (DOTr) for the distribution of assistance for affected transport organizations with the new round of big oil price hikes today.
“We have a law that once the crude oil breaches $80 per barrel, it will trigger the release of the fuel subsidy. Now, we are waiting for the (advisory) from the DOTr so that the funds will be released to us,” he said.
“Once the new round of oil price hike takes effect (today), I think it is already ripe for the release of fuel subsidy,” Guadiz added.
He said modern jeepneys will receive a P10,000 one-time fuel subsidy; traditional jeepney, P6,500; tricycles, P1,500 and delivery driver, P1,000.
On the other hand, Guadiz said transport groups can file petitions for new fare hikes.

“If they will file their petitions, we will hear the petitions and we will consider their petitions for a fare increase, but we will still have to evaluate how much should be the increase,” he added. — Bella Cariaso

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