Metro Manila, Philippines – Motorists brace for another round of fuel price hikes starting Tuesday, July 14, as renewed tensions in the Middle East continue to push global oil prices higher, according to the Department of Energy (DOE).
The DOE said gasoline prices may either go up or down by as much as ₱1 per liter, while diesel prices are expected to rise by ₱2.62 to ₱4.62 per liter and kerosene by ₱2.22 to ₱4.22 per liter.
The exact adjustments will vary depending on the fuel retailer.
“Last week, kumakalma siya, pero ngayon po [it was already calming down, but now], in the recent days, there’s still growing tensions in the region,” Energy Secretary Sharon Garin said in a press briefing.
“Threats to navigation through the Strait of Hormuz have underscored the vulnerability of one of the world’s most critical energy trade corridors, placing upward pressure on international crude oil prices and consequently affected po tayo [we are consequently affected],” she added.
Garin said that if the situation in the Middle East does not improve by next week, the DOE will stop issuing projected price ranges and instead announce only a minimum or maximum adjustment.
“Mas madali po mamonitor at makontrol ng DOE pag definite isang presyo lang. ‘Wag muna tayo mag-range, balik muna tayo sa isa lang para di maabuse yung range natin,” she said.
[Translation: It is easier for the DOE to monitor and regulate the situation when there is only one definite projected price. We should avoid issuing a price range for now and go back to a single figure so it cannot be abused.]
The DOE’s plan comes amid concerns that some oil companies have been implementing price adjustments at the higher end of the agency’s projected range.
Based on the DOE’s latest monitoring, retail pump prices in Metro Manila from July 7 to 13 ranged from ₱67.20 to ₱85 per liter for gasoline and ₱72.80 to ₱79.40 per liter for diesel, while kerosene retailed for more than ₱100 per liter following last week’s increase.
