DOE eases control over oil price adjustments
After last week’s major cuts, the prices of diesel and kerosene will again go up starting on Tuesday as the Department of Energy (DOE) eases its rules on price adjustments.
Gasoline, on the other hand, may either become cheaper or more expensive depending on the fuel retailer. According to an advisory from the DOE, oil companies can hike the price of diesel per liter from as little as P3.77 to as much as P5.77.
For kerosene, the price increase per liter may range between P6.10 and P8.10.
The price of gasoline, on the other hand, may be slashed by P1.70 or increased by 30 centavos per liter. This is the first time the DOE has provided a range for pump price adjustments.
Although it has the power to limit price increases or cuts after President Marcos declared a state of national energy emergency because of the Middle East conflict, oil companies have recently raised concerns about the impact of government-determined price rates.
An industry source said late last week the potential price hikes could be blamed on the shaky Middle East peace talks.
