Energy Department Expects Fuel Price Hikes in Next Few Weeks

OIL PRICE INCREASE – The Department of Energy (DOE) said that the fuel price hikes will continue in the next few weeks.

On Wednesday (June 8, 2022), DOE’s Oil Industry Management Bureau director Rino Abad is expecting increases in prices of petroleum products including gasoline, diesel, and kerosene in the next few weeks.

Abad does not see any events that can stop the continuous increase in oil prices. He also cited the surging demand for fuel during the summer season in the Northern Hemisphere amid the Russia-Ukraine war.

“Itong tuloy-tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod na week,” Abad said.

The DOE official explained that the three previous price rollbacks were due to the COVID-19-related lockdown in Beijing and Shanghai, China. He also explained that the lockdown in China is almost over.

The official also explained that the fuel prices in Palawan are P6 to P8 higher compared to prices in other areas. The lack of import terminals and transportation costs were the main reason for higher oil prices in Palawan.

However, the latter reiterated that oil prices in Palawan seem to be overpriced. Oil companies in the island failed to explain the price. “Tingin natin yung around kalahati ng P8, yung P4 to P5 ay sobra talaga ‘yan,” Abad said.

The Energy Department requested oil companies to offer promo programs to ease the burden of the consumers. The government also offers discounts and fuel subsidies for PUV drivers.

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