Diesel prices could jump by P10 per liter next week
MANILA, Philippines — A double-digit price hike on local diesel prices is expected to take effect by next week, marking the third major increase in pump prices within a month.
Domestic diesel prices are seen to further surge by P10 to P10.50 per liter next week, while gasoline prices could go up by P4.50 to P5 per liter, according to a report by The STAR.
Department of Energy (DOE) Oil Industry Management Bureau Director Rino Abad said this big-time oil price hike is already highly expected to take effect as movements of global prices in the world market continue to go up.
“Napakataas ho ang tyansa na masundan ho ang ating increase. Mataas ho ang magiging increase next week at ito naman ay consistent din sa napakataas na naging diperensya o naging increase din sa ating international benchmark prices,” Abad said on Friday, September 18, in an interview with dzMM.
(There is a very high chance that the price increase will continue. We expect a significant increase next week, and this is consistent with the very large difference, or increase, in our international benchmark prices.)
Abad said as of the fourth day of trading in the world market, diesel prices increased by almost P10 per liter, gasoline by more than P5 per liter, and kerosene by P7 per liter.
According to Abad, the recent upward trend on local prices is brought about by the damage on Saudi Arabia's East-West Pipeline (Petroline) after being attacked by drones.
The damage has added to the effects of the disrupted operations in the Strait of Hormuz on the global oil supply.
International reports said the Saudi government has shut down the pipeline and could take more than a month to repair.
In the Philippines, Abad said high prices of local oil and fuel products will remain even after Saudi Arabia restores the pipeline’s operations.
“Ang effect lang siguro n’yan kapag na-restore ‘yan, balik lang siguro tayo doon sa P80 to P90 range, kumpara sa P50 to P60 range before the war,” Abad said.
(It’s only effect, perhaps, if that was restored, we would only go back to P80 to P90 range, compared to the P50 to P60 range before the war.)
The energy department said they will appeal to oil companies in the country to implement a staggered price increase, given the large amount of the expected hike.
“Palagi na ho nating ginagawa kapag ganitong kalakihan, humihingi ho tayo ng pakiusap doon sa mga oil companies na kung pwedeng i-stagger ang implementation kahit within next week,” Abad said.
Earlier this week, the DOE certified that global oil prices have gone beyond the $80 per barrel benchmark set by the Philippine laws, which now allows the government to suspend the excise tax on fuels.
On September 14, the DOE announced a P5.68 per liter increase on gasoline, P4.31 per liter on diesel, and P4.62 per liter on kerosene.
Abad said the current highest range on diesel prices are P114 to P115 per liter.
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