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As pump prices surge, DoE summons oil firms
The Department of Energy (DOE) summoned oil companies to explain why their projected fuel price adjustments are higher than initially forecasted.
Specifically, diesel prices are set to increase by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.
DOE Secretary Alfonso G. Cusi met with the oil companies after some announced their price advisories.
Although the DOE appealed for staggering the price increase, the oil companies decided against it.
The DOE noted that oil companies are deregulated, and price adjustments are within their discretion.
Since the start of the year, gasoline, diesel, and kerosene prices per liter have risen by P13.25, P17.50, and P14.40, respectively.
Energy Undersecretary Gerardo D. Erguiza, Jr. stated that local gasoline and diesel prices could reach P86.72 per liter and P81.10 per liter, respectively, if Dubai crude hits $140 per barrel.
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Oil companies will implement significant price hikes starting Tuesday, March 15, with diesel increasing by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.
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Fuel prices saw their biggest hike this year on March 8, with diesel increasing by P5.85 per liter, gasoline by P3.60 per liter, and kerosene by P4.10 per liter.
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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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The House Committee on Energy has approved amendments to the Downstream Oil Industry Deregulation Act to address soaring global fuel prices.
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Senatorial candidate Gilbert "Gibo" Teodoro supports the Department of Energy's (DOE) proposal to unbundle oil prices, advocating for transparency in pump price adjustments to ensure reasonableness.
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