Metro Manila, Philippines – Diesel prices may breach ₱100 per liter next week as pump prices soar.
In a dzBB interview on Friday, Sept. 18, Oil Industry Management Bureau Director Rino Abad gave the estimates as:
- Gasoline: ₱5 per liter
- Diesel: ₱10 per liter
- Kerosene: ₱7 per liter
Abad said diesel could fetch ₱90-₱100 per liter or even higher.
The expected hike comes as global oil prices skyrocket amid the escalating Middle East conflict.
The benchmark Dubai crude oil stood at $116.35 per barrel on Sept. 17.
The Department of Energy said Dubai crude averaged $99.41 per barrel from Aug. 13 to Sept. 11, above the $80-per-barrel threshold for possible fuel tax relief.
The government has also activated the UPLIFT program, a package of assistance and measures meant to cushion the impact of rising fuel prices on sectors vulnerable to rising fuel prices.
The UPLIFT Committee met on Sept. 17 to tackle measures to address high fuel prices and possible supply disruptions.
The Makabayan bloc, meanwhile, condemned the projected ₱10-per-liter diesel hike.
The group called for the removal of the 12 percent value-added and excise taxes on fuel.
The final pump price adjustments will be announced on Monday, Sept. 21, and would take effect on Tuesday.
