Oil price hikes, which are already a burden for motorists and public utility vehicle (PUV) users, are projected to continue in the coming weeks, according to a DOE official.
In an interview with GMA News’ Unang Balita, DOE’s Oil Industry Management Bureau head Rino Abad stated that they do not see any occurrences to compensate for the oil price hikes.
“Itong tuloy-tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod na week [We are expecting these increases to continue in the next few weeks],” he said.
Abad noted the European Union’s restriction on Russian oil imports, the potential for a spike in fuel demand in the Northern Hemisphere over the summer season, and the current Ukraine-Russia conflict.
The three previous rollbacks, he claims, were caused by China’s recent lockdown in Beijing and Shanghai.
“Ngayon, palabas na ang China sa lockdown [lockdown in China is almost over].”
When asked if the P100 per liter fuel price in Puerto Princesa, Palawan, could be replicated in Metro Manila, Abad responded that the pricing in Palawan is normally P6 to P8 higher due to a lack of import facilities and shipping costs.
Oil price hikes to continue in coming weeks – DOE
Nonetheless, Abad stated that the fuel price in Palawan appears to be excessive and unjustified by oil corporations.
“Tingin natin yung around kalahati ng P8, yung P4 to P5 ay sobra talaga ‘yan [We think the P8 is overpriced by P4 to P5],” he said.
Abad stated that in addition to the government-provided fuel subsidies and discounts for PUV drivers and farmers, oil companies conduct promotional activities for their consumers as the DOE asks.
Tuesday marked the second consecutive week of oil price hikes for diesel and kerosene as oil companies executed another round of pump price hikes.
Since the beginning of the year, domestic pump prices have been on an upward trend, with only eight weekly rollbacks applied in 2022.
As of May 31, 2022, the most recent data from the DOE indicate that year-to-date revisions have resulted in a net rise of P23.85 per liter for gasoline, P30.30 per liter for diesel, and P27.65 per liter for kerosene.
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