Manila Bulletin
DOE warns ‘profiteers’ amid rising oil prices
The Department of Energy (DOE) is asking consumers to report any oil retail outlets charging unreasonably high prices as oil prices continue to rise for the ninth consecutive week.
DOE Undersecretary Gerardo Erguiza Jr. stated that the agency will not tolerate retail outlets exploiting the current oil market situation.
As of March 1, nationwide prices for gasoline were between PHP60 to PHP83 per liter, diesel from PHP52 to PHP65 per liter, and kerosene from PHP61 to PHP68 per liter.
Diesel prices have increased by PHP16.61 per liter from March 2019 to end-February 2022, while gasoline prices have also seen a significant rise during the same period.
The DOE attributes the price hikes to increased energy demand as economic activities recover from the pandemic and the ongoing crisis between Russia and Ukraine, which has tightened global oil supply.
Although the Philippines does not directly import oil from Russia, regional suppliers from whom the Philippines sources its oil are affected by the conflict.
The DOE projects that local oil prices could reach PHP68.70 per liter for diesel and PHP78.33 per liter for gasoline if the Dubai crude oil price benchmark hits USD120 per barrel.
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A Department of Energy (DOE) official stated that the Philippines has sufficient oil supply, with current inventories enough for over 40 days.
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Motorists should prepare for a ninth consecutive week of fuel price increases, with gasoline prices set to rise by P0.90 per liter and diesel by P0.80 per liter starting Tuesday, March 1.
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Oil companies in the Philippines announced significant price increases, with diesel jumping by P5.85 per liter and gasoline by P3.60 per liter, effective March 8.
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Energy Secretary Alfonso Cusi stated that gasoline prices in the Philippines could reach P100 per liter, contingent on further increases in the global oil market.
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Consumers can expect significant pump price increases next week, with diesel possibly rising by P5.40 to P5.50 per liter, gasoline by P3.60 to P3.70 per liter, and kerosene by P3.95 to P4.05 per liter.
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