12 hours ago
Big-time fuel hike expected next week: P3 gasoline, P4.80 diesel
Motorists should brace for a big-time hike in pump prices next amid the Israel-Iran conflict, which is expected to have a major impact on the oil industry.
The estimated ranges in upward price adjustments are as follows:
Gasoline - increase of 2.50 to 3.00
Diesel - increase of 4.30 to 4.80
Kero - increase of 4.25 to 4.40
The estimates are from the Department Energy of Energy-Oil Industry Management Bureau, Assistant Director Rodela Romero, which is based on the 4-day trading in MOPS (Mean of Platts Singapore).
Rodero said that the biggest factor for the possible increase is a "major oil price shock looming as the Israel-Iran conflict threatens critical global shipping passage."
President Ferdinand ''Bongbong'' Marcos Jr. earlier this week said that fuel subsidies would be given amid the expected oil price hike.
'We are starting already with the assumption that the oil prices will in fact go up and I cannot see how it will not. Because the Strait of Hormuz will then be blocked if it escalates. The oil cannot come out of its sources. So the prices will certainly be affected,'' Marcos said.
''So the subsidies that we have always given, fuel subsidies, that we gave to, if you remember during the pandemic, lalong-lalong na 'yung mga napapasada, 'yung mga may hanap-buhay naman sila, binigyan nating fuel subsidies (We gave fuel subsidies to drivers during the pandemic)," he added.
Fuel firms announce official price movements every Monday, to be implemented on the following day. —VAL, GMA Integrated News
