The Department of Energy will meet with oil firms on Monday to discuss a possible staggered implementation of next week’s major oil price hike, with diesel price increase now seen to hit P5.10 per liter.
Jetti Petroleum president Leo Bellas said the possibility of extending promos and discount offerings of gas stations to help mitigate the impact of the price increase will also be raised during the meeting.
Crude futures have soared as the Israel-Iran conflict showed no signs of easing, with investors pricing in the risk of tighter oil supplies that would likely weigh on economic growth.
The Bangko Sentral ng Pilipinas on Friday warned consumer prices could exceed 5 percent if global oil benchmarks, particularly Dubai crude, reach $100 per barrel and the Philippine peso sharply depreciates.
BSP Governor Eli M. Remolona, Jr. said: “Oil is one of the big risks that we worry about. Those two combined would have a very big effect on our inflation.”
The Land Transportation Franchising and Regulatory Board earlier clarified it has not yet approved a new fare increase for public utility vehicles pending the outcome of an ongoing study by the Department of Economy, Planning, and Development (DEPDev).
LTFRB chairperson Teofilo Guadiz III said a fare adjustment is a “serious matter that requires careful study especially considering the current economic conditions.”
MOPS data showed the diesel prices in the world market have soared by $9.52 per barrel this week compared to last week. Kerosene also went up by $9.20 per barrel and gasoline by $5.63 per barrel. With AFP
