Gov’t, oil firms to discuss possible hold on second fuel price hike

Metro Manila, Philippines - The Department of Energy (DOE) said on Tuesday, June 24, it will reach out to oil companies on possibly holding off the second wave of pump price hike on Thursday, as the global market stabilizes.

In a press briefing, Energy Officer-in-Charge Sharon Garin said global crude price went down from $70 to $69 per barrel. According to the crude oil (Platts) financial futures, Dubai crude, which the country imports, was $71.19 per barrel (bl) on June 20. It went down to $69.88/bl on June 23.

Oil companies carried out the first half of the projected price hike on Tuesday, with another round set for Thursday, June 26. Gasoline prices should go up by P3.50 per liter this week, over P5 for diesel, and almost P5 for kerosene.

“We have to talk to the companies. Hopefully kung bumaba naman. We have meetings with them until Friday so we’ll check with them kung hold muna ang increase kasi bababa naman,” Garin said.

[Translation: We have to talk to the companies. Hopefully, if the prices go down. We have meetings with them until Friday, so we’ll check with them if the price increase will be put on hold since prices are expected to go down anyway.]

She added that the government is asking companies to expand their discounts for public utility vehicles (PUV).

“As of today, we received confirmation that one company is willing to give a P1 discount for PUV drivers for every liter,” said Garin.

Meanwhile, the energy official assured the public of fuel supply that could last for a month amid fears that the Middle East crisis will impact global supply.