Philippine News Agency
‘Real’ big-time oil price hike set March 8
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.
Kerosene prices will also increase by P4.10 per liter.
These price hikes are driven by global factors including discussions to ban Russian crude oil in the United States and Europe, and delays in talks to revive the Iran nuclear deal.
As of this writing, West Texas Intermediate was trading at USD125.8 per barrel while Brent crude traded at USD129.5 a barrel.
Dubai crude, the benchmark for the country's oil prices, settled at USD114.95 per barrel as of March 4.
The Department of Energy had projected local prices could reach PHP68.70 per liter for diesel and PHP78.33 per liter for gasoline once Dubai crude breached the USD120-a-barrel level.
This marks the 10th consecutive week of oil price increases.
In response to rising costs, transport groups have petitioned for an increase in public transportation fares.
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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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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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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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Filipino consumers face increased costs for liquefied petroleum gas (LPG) in March, with an increase of P7.95 per kilogram.
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