Diesel, kerosene post new double-digit price jumps
The government has asked fuel retailers to stagger the implementation of price increases, as Filipinos brace for new double-digit hikes for diesel and kerosene amid fresh attacks in the Middle East.
Energy Secretary Sharon Garin said the government could ensure there would be no hoarding and overpricing.
The Philippines, however, sources much of its petroleum supply from other countries and could not control how the global market would react to the escalating war in the oil-producing region.
“We cannot change the direction of the global market, but we can act on how it reaches our people. And there are measures already working to help ease the impact,” Garin told reporters on Monday.
“We are also coordinating closely with the oil companies to ensure that pricing at the pump stays fair and that every adjustment reflects genuine movements in the global market,” Garin said.
Price movements
The DOE is again imposing price adjustments across petroleum products—with fuel companies only allowed to implement a maximum hike of P10.68-per-liter for diesel, P3.65 for gasoline and P11.77 for kerosene.
Fuel prices had been on an uptrend since January, but began to spike considerably in early March, after the Iran war broke out on Feb. 28.
On March 10, prices of regular gasoline were raised from P7 to P13 per liter, and diesel, from P17.50 to P24.25. Kerosene, widely used for cooking, heating and aviation fuel blending, rose even more sharply, increasing between P32 and P38.50 per liter.
A week later, on March 17, gasoline prices were raised by P16.60 per liter, and diesel, P23.90. Kerosene prices were hiked by P6.90 to P8.90 per liter.
A further increase took effect on March 24, with gasoline up by about P8, and diesel, P16 to P18.
On March 31, after a month into the Iran war, gasoline had an increase of about P2.50 per liter, and diesel, P12.50.
By early April, oil firms set new double-digit increases in diesel, along with other increases. In its advisory on April 6, Shell Pilipinas said its diesel products would climb by P19.80 a liter, gasoline by P5.90, and by P9.10 for kerosene. Petron Corp. said diesel would jump by P18.80 per liter, gasoline by P4.90, and kerosene by P8.10. Seaoil implemented the following increases—P17.95 for diesel, P4.90 for gasoline, and P8.10 for kerosene.
But this was followed by three weeks of rollback following the announcement of peace talks between the United States and Iran.
Much of June saw hefty cuts in fuel prices amid efforts to establish a ceasefire. But hostilities resumed and escalated over the weekend. —WITH A REPORT FROM INQUIRER RESEARCH
