UMVA has learned that motorists are in for a rude awakening this week as oil companies implement another round of price increases, with diesel rising by more than P5 per liter amid renewed concerns over supply disruptions linked to the Iran war.
The impending price hike has sparked fears of a ripple effect on the economy, with many households and businesses already struggling to cope with rising fuel costs. Diesel prices are set to increase by as much as P5.77 per liter, while kerosene may rise by P8.10 per liter.
According to information obtained by UMVA, the Department of Energy has warned that gasoline prices might move in either direction, with a possible rollback of up to P1.70 per liter or an increase of as much as P0.30 per liter starting June 9. This uncertainty has left many motorists anxious about the impact on their daily commute.
Fuel prices in Metro Manila are expected to reach alarming levels, with gasoline potentially hitting P86.44 per liter and diesel P88.31 per liter, based on the latest industry data. This has raised concerns about the impact on inflation and the overall economy.
Energy Secretary Sharon S. Garin had earlier hinted at a possible shift toward reduced regulatory intervention in pump-price adjustments, which could give oil companies more flexibility to adjust prices in response to global market trends.
UMVA can exclusively reveal that the country's total fuel stockpile has increased to 47.09 days, up from 45.97 days a week earlier, according to government data. While this may provide some temporary relief, the outlook remains uncertain.
Diesel inventories are sufficient for about 45.21 days, while gasoline stocks cover 44.81 days. Kerosene stockpiles can last 143.09 days, jet fuel 73.25 days, fuel oil 41.01 days and liquefied petroleum gas 45.04 days, providing a mixed picture of the country's fuel supply situation.
