The country’s oil firms raised pump prices by P4 per liter for diesel, kerosene by P2.75 per liter and gasoline by P0.50 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
Department of Energy Oil Industry Management Bureau director Rino Abad said over the weekend diesel increase may hit P4 per liter.
Abad said the increase in pump prices was driven by cut in production from Russia and Saudi Arabia.
Diesel prices have increased by around P10 per liter for the past five weeks, while gasoline prices have already risen by P5 per liter for the same period.
This week’s adjustments came on the heels of after a major pump price hike of P3.50 for diesel, P2.10 for gasoline, and P3.25 for kerosene last week.
It is also the fifth straight week of increases for diesel and kerosene and the fourth in a row for gasoline.
Meanwhile, the United Filipino Consumers and Commuters on Monday said the government’s P6,000 fuel subsidy should not be limited to public utility vehicle drivers.
“Drivers are not the only people affected by the major oil price hike. Think of the consumers, the commuters, the other lowly employees,” said Rodolfo Javellana Jr., UFCC president.
“The ordinary Filipino people will have to bear the brunt of the subsidies granted to select sectors,” he added. With Rio N. Araja