According to early trading data this week, sources in the oil industry expect significant increases in fuel prices next week, with diesel potentially rising by P15.33 per liter and gasoline by P7.09 per liter.
Based on the initial three days of trading this week, oil industry insiders predict that diesel prices may increase by as much as P15.33 per liter and gasoline by P7.09 per liter in the coming week, as reported by GTV News during the “Balitanghali” broadcast on Friday. Typically, the Department of Energy (DOE) announces official adjustments to petroleum product prices every Monday, with implementation starting the following Tuesday.
The DOE warned on Wednesday of possible further price hikes due to geopolitical tensions in the Middle East, especially the potential closure of the Strait of Hormuz, a critical oil shipping route. The department plans to request oil companies to phase in the price increases gradually starting next week.
Last Tuesday, fuel prices already rose by P1.90 per liter for gasoline, P1.20 for diesel, and P1.50 for kerosene. To ease the financial burden on the public, the government intends to provide subsidies to public transport operators, farmers, and fishermen and offer free bus rides.
President Ferdinand “Bongbong” Marcos Jr. has also mentioned studying a temporary reduction or suspension of excise taxes on fuel products to mitigate the impact of rising prices.
The Department of Finance has yet to provide estimates on potential revenue losses resulting from any tax adjustments.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/979010/diesel-posibleng-pumalo-sa-p15-per-liter-ang-dagdag-sa-susunod-na-linggo-p7-sa-gasolina/story/
