Diesel prices to reach over P140 per liter this week—DOE
The Department of Energy warned that fuel prices will increase this week by P8 to P18 per liter amid the ongoing tensions in the Middle East.
During a press conference on March 24, DOE Secretary Sharon Garin said that diesel prices in Metro Manila may surge by P15 to P18 per liter, pushing regular prices up to P130 and premium to as much as P144.20.
Gasoline prices are also expected to increase by P8 to P12 per liter, while kerosene may see a sharper jump, ranging from P12 to P22 per liter.
Garin noted that while the jump this week is smaller than the past week, it's still "significant."
She attributed this to the slowdown in the increase in the per-barrel price in the international market. Brent crude, the international benchmark, closed 10.9% lower at $99.94 a barrel.
"It will still affect our transportation industry[,] all industries, as well as the buying power of our households," she said.
Ahead of the DOE's announcement, several oil companies said they would implement fuel price hikes this week, starting March 24.
Unioil
The oil firm confirmed an increase of P16.80 per liter for diesel, while their gasoline prices went as high as P9.70 per liter. It also said that fuel prices may vary per branch.
Petron
The petroleum company said it has raised its diesel price by P17.50 per liter, while its gasoline prices increased to P10.50 per liter and P21.50 per liter for kerosene.
Seaoil
The company's diesel prices cost P16.80 per liter, while their gasoline and kerosene prices shot up to P9.70 per liter and P20.90 per liter, respectively.
JETTI
The energy player announced an increase of P18 per liter for diesel and P8 per liter for gasoline.
Malacañang Palace recently said that the Philippines is not suffering from an oil crisis, as there's enough oil supply.