Fuel price hikes expected to continue in next few weeks —DOE exec

Fuel price increases, already a burden to motorists and public utility vehicle (PUV) drivers, are expected to continue in the next few weeks, an official of the Department of Energy (DOE) said Wednesday.

Interviewed on GMA News’ Unang Balita, DOE’s Oil Industry Management Bureau director Rino Abad said they do not see any events that can offset the series of price increases.

“Itong tuloy-tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod na week [We are expecting these increases to continue in the next few weeks],” he said.

Abad cited the European Union’s ban against oil importation from Russia, the potential surge of demand for fuel during the summer season in the Northern Hemisphere, and the ongoing Ukraine-Russia conflict.

According to him, the three previous rollbacks were due to the recent lockdown in Beijing and Shanghai in China.

"Ngayon, palabas na ang China sa lockdown [lockdown in China is almost over]."

Higher in Palawan

Asked if the reported P100 per liter of fuel price in Puerto Princesa, Palawan, could also happen in Metro Manila, Abad explained that the price in Palawan is usually P6 to P8 higher due to lack of import terminals and transportation cost.

Nevertheless, Abad pointed out that the price of fuel in Palawan does seem overpriced and remains unexplained by oil companies.

"Tingin natin yung around kalahati ng P8, yung P4 to P5 ay sobra talaga 'yan [We think the P8 is overpriced by P4 to P5]," he said.

Aside from the fuel subsidies and discounts that the government is providing to PUV drivers and farmers, Abad said oil companies offer promo programs for their customers as requested by the DOE.

On Tuesday, oil firms implemented another round of pump price hikes to mark the second straight week of increases for diesel and kerosene.

Domestic pump prices have so far been on an uptrend for most of the year, with only eight weekly rollbacks implemented in 2022.

Latest data available from the DOE show that year-to-date adjustments stand at a net increase of P23.85 per liter for gasoline, P30.30 per liter for diesel, and P27.65 per liter for kerosene as of May 31, 2022. —KBK, GMA News