DOE: Fuel prices to rise by PHP5 next week

Fuel prices are set to increase by nearly PHP5 per liter next week, according to a Department of Energy official.

DOE-OIMB Director Rino Abad stated that gasoline will see an increase of PHP2.50 to PHP3.00 per liter, diesel from PHP4.30 to PHP4.80 per liter, and kerosene from PHP4.25 to PHP4.40 per liter.

The rise in crude oil prices by almost USD4 per barrel is contributing to higher fuel costs, with the world price of crude oil increasing to USD86.6 per barrel on Thursday from USD83 on Monday.

To mitigate the impact of rising fuel prices, the DOE has requested oil companies to offer discounts to public utility vehicles ranging from P0.50 to P4.00 per liter at various stations across Metro Manila and other regions.

Pilipinas Shell and Jetti Petroleum are among the companies offering diesel discounts to PUVs and TNVS, with some gas stations providing discounts of up to PHP2 per liter.