The Department of Energy (DoE) urges oil companies to stagger this week's double-digit pump price hikes, with diesel and kerosene prices expected to climb by more than P10 per liter.
Starting Tuesday, gasoline prices will rise by up to P3.65 per liter, while diesel will jump by as much as P10.68 per liter. Kerosene prices will also go up by as much as P11.77 per liter. Energy Secretary Sharon S. Garin expressed concerns about the sudden increase, stating that it may catch jeepney drivers off guard.
"We are in talks with the oil companies to appeal to them to give discounts to our public utility vehicles and also if they can stagger the increase for this week little by little so our jeepney drivers can properly plan when they will refuel," she said.
Some oil companies have agreed to stagger the price hikes. Shell Pilipinas Corp. and Seaoil Philippines, Inc. will implement the price hikes for diesel and kerosene over a three-day period starting Tuesday. Gasoline prices will go up by P3.60 per liter on Tuesday, while diesel prices will go up by P8.20 per liter on Tuesday, followed by a P1.20 hike each on Wednesday and Thursday.
The latest adjustments will drive up pump prices in the National Capital Region, with gasoline prices reaching as high as P99.75 per liter, diesel at P101.43 per liter, and kerosene at P137.27 per liter. Renewed hostilities in the Middle East have disrupted the oil supply chain and sparked more uncertainty.
Energy Undersecretary Alessandro O. Sales warned that a possible closure of the Red Sea, another crucial maritime corridor between Africa and Asia, would worsen the situation. The Philippines, which sources about 90% of its oil supply from the Middle East, has been one of the most affected by the global oil crisis.
The Department of Energy is ramping up price monitoring and beefing up oil inventory to mitigate the impact of the latest price hikes. Energy Secretary Garin emphasized that while the government has no control over global oil prices, it will enforce laws to prevent abuse, overpricing, and hoarding.
To ease the impact of the latest price hikes, the government is continuing its fuel subsidy program for qualified jeepney, UV express drivers, and other eligible beneficiaries. The country's fuel inventory is sufficient to meet average daily demand for about 45 days.
