Public told to brace for higher oil prices amid Ukraine crisis

Expect the price of fuel to increase some more in the coming weeks even if the conflict between Russia and Ukraine have no direct effect on the supply of petroleum products in the country.

According to Jun Veneracion's report on "24 Oras", analysts said the average price per liter of gasoline may increase from P68 to P77 while that of diesel may go up from P59 to P73.

The cost of the benchmark Brent crude has gone up to over $102 per barrel since 2014 just as Russia attacked Ukraine. 

Analysts expect the price of crude to go up to $120 per barrel in the coming weeks.

"Itong problemang kinakaharap natin is a global problem. Hindi lang sa Pilipinas nangyayari 'to so nagkakaroon tayo ng kakulangan sa supply at ang production natin ay hindi nakaka-cope up," Energy Undersecretary Gerardo Erguiza Jr. said. 

"Expected na tataas pa, but hopefully sabi nga nila, what goes up must come down eventually," he added.

[This problem that we are facing is global. This is happening not only in the Philippines so we are short in supply and our production cannot cope. We expect prices to go up further but hopefully, as they say, what goes up must come down eventually.]

The energy department does not see any effect of the Russia-Ukraine conflict on the supply and cost of fuel in the Philippines.

"Wala kaming nakikita as of now... Du'n sila sa Europe tatamaan. Tayo 'yung sa supply ang una nating problema," Erguiza said.

[Right now, we still don't see any impact. Europe will be affected. Here, the supply is our problem.]

The Philippine government on Thursday said that it was preparing the release of P2.5 billion subsidize the fuel costs of the public transportation sector, farmers and fisherfolk.

“To assist the transport sector, the government is preparing to release P2.5 billion for the Fuel Subsidy Program of the Department of Transportation (DOTr),” the DBCC said.

“This aims to provide fuel vouchers to over 377,000 qualified PUV drivers who are operating jeepneys, UV express, taxis, tricycles, and other full-time ride-hailing and delivery services nationwide,” it added.

In a statement, the Development Budget Coordination Committee (DBCC) —comprised of the secretaries of Finance, Budget, and Socioeconomic Planning— said it was “closely monitoring the factors affecting the oil prices in the country.”  —Ma. Angelica Garcia/NB, GMA News