Gasoline and kerosene prices will go up again next week by as much as P1.20 per liter, industry sources said.
This will be the sixth consecutive weekly price hike for gasoline at P0.90 to P1.20 per liter and the seventh for kerosene at P0.40 to P0.70 per liter.
Diesel prices, however, may not move or may even have a possible rollback of P0.20 per liter based on the four-day benchmark Mean of Platts Singapore trading and foreign exchange movement.
The Department of Energy confirmed next week’s mixed oil price movement.
DOE Director for the Oil Industry Management Bureau Rodela Romero said despite the outlook issued by the S&P Global Platts of a possible increase in the next two months, the day-to-day developments in the international oil market give the actual movements of the price.
“For the 4-day MOPS trading, there might be a mixed movement for the prices of petroleum products,” Romero said.
Romero said this is attributed to the economic slowdown of China and the gradual decline in demand, signs of a resurgence of US inflation, and the stronger dollar.
“All these, according to analysts, are overshadowing the effects of the big draw in US Inventories [that signify an increase in demand],” Romero said.
On August 15, oil companies implemented an increase of P1.90 per liter for gasoline, P1.50 per liter for diesel, and P2.50 per liter for kerosene.
These price adjustments resulted in a year-to-date net increase ofP13.40 per liter for gasoline, P8.60 per liter for diesel, and P5.14 per liter for kerosene.
The consecutive increase in pump prices has prompted at least fourpublic transport groups to seek a P2 fare hike for all PUVs nationwide.
The Land Transportation Franchising and Regulatory Board responded with a commitment to distribute fuel subsidies ranging from P1,000 for tricycle drivers to P10,000 for modern jeepneys and modern UV Express drivers and operators within the month.
Joel Bolano, LTFRB Technical Division head, said they are just waiting for the Department of Budget and Management to download the P3 billion allocation that will benefit some 1.3 million operators and drivers of PUVs.
Under the scheme, traditional jeepneys and taxis as well as TNVS andschool, shuttle, and tourist services will get a subsidy of P6,500 while delivery drivers will get P1,200.
LTFRB Executive Director Robert Peig earlier said drivers regulated by the agency would receive their subsidies through fuel cards whilethose under local government units, the Department of Information and Communications Technology, and the Department of Trade and Industry will get the funds through e-wallets.
In a letter to LTFRB chairperson Teofilo Guadiz III, the Liga ng Transportasyon at Operators sa Pilipinas (LTOP), Pagkakaisa ng mga Tsuper at Operators Nationwide (Piston), Stop & Go Transport Coalition, and the Federation of Jeepney Operators and Drivers Association of the Philippines (FEJODAP) requested the P2 fare increase nationwide for the first four kilometers.
The LTFRB committed to resolving the fare hike petition but said it will temporarily shelve an earlier petition for a P1 rush hour fare hike, particularly between 4 a.m. to 8 a.m. and 5 p.m. to 8 p.m.
“The LTFRB Board will still, however, resolve the first petition while prioritizing the most recent one filed due to oil price hike,” the LTFRB said.