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Thursday, May 23, 2024

Be ‘wise’ in buying fuel, DOE says as price hikes to hit P2.40/l next week

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Burdened with the oil price increases for 10 consecutive weeks now? The Department of Energy has this advice: Be “wise” in buying fuel.

As pump prices are expected to go up by P2.40 per liter next week –higher than the original forecast –DOE director for the oil industry management bureau Rodela Romero said consumers should look for retail stations that offer lower pump prices.

“Let’s be wise and use the power of choice,” she said in a television interview, noting that based on the monitoring of the DOE, some stations offer discounts of as much as P4 per liter.

Romero said there were “price war areas” such as in Commonwealth Avenue in Quezon City where some small or independent oil firms offer cheaper fuel.

She said consumers should make energy efficiency and conservation “a way of life.”

The expected increase on Tuesday, Sept. 19, will be the 11th consecutive week of pump price hikes for diesel and kerosene and the tenth for gasoline.

Unioil Petroleum Philippines said it expects fuel prices to go up for the week of Sept. 19 to 25 by P2.20 to P2.40 per liter for diesel and P1.60 to P1.80 per liter for gasoline.

Previous estimates placed diesel increase at P1.80 to P2 per liter and gasoline at P1.15 to P1.35 per liter.

For his part, Senator Francis Tolentino urged businesses to be considerate of consumers, especially this Christmas season, by avoiding steep price hikes of products.

“Your social responsibility needs to be emphasized. Don’t raise the price too much because the Christmas season is coming – for our consumers, our buyers,” the senator said.

Tolentino made the appeal following the pronouncement of accounting firm PwC Philippines Chairman Roderic Danao that one possible mitigating measure for companies amid high inflation is to increase prices.

Inflationary threats mean prices of “noche buena” goods such as Christmas hams may also rise.

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