NO LETUP. A fuel pump attendant updates the price board yesterday following the implementation of the latest fuel price increases. The adjustment reflects higher pump prices driven by rising global crude oil costs amid escalating tensions in the Middle East, which have raised concerns over possible supply disruptions. Norman Cruz
DIESEL prices will likely breach the P100 per liter mark next week with another round of fuel price hikes of as much as P21 per liter, industry sources warned yesterday.
Based on the Mean of Platts Singapore movement as of Monday, sources said consumers can expect diesel to increase by P20 to P21 per liter, gasoline by P16 to P17 per liter, and kerosene by P9 to P10 per liter.
This would follow this week’s unprecedented price hikes that will be staggered in as much as seven days, depending on the brand, with diesel prices moving between P17.50 to P24.25 per liter, gasoline by P7 to P13 per liter, and kerosene by P32 to P38.50 per liter.
Next week’s increases may move pump prices to about P83 to P106.19 per liter for diesel, P70.10 to P90.40 per liter for gasoline, and P102.17 to P135.17 for kerosene.
In a radio interview, Energy Secretary Sharon Garin said expects the worst “because it’s better we are prepared” even as she assured the public the Philippines has a two-month fuel supply.
“We have other countries that we are talking with. We have to look for options now,” Garin said.
Garin also rejected fuel rationing proposals, calling them “disruptive” but expressed support to the removal of the VAT and excise tax to mitigate the impact to consumers.
Iran vowed on Tuesday that not one liter of oil would be exported from the Gulf while its war with the United States and Israel continues, in a stark rebuke to President Donald Trump’s boast that the conflict was all but over.
Iran’s Revolutionary Guards Corps (IRGC) mocked Trump’s bid to lessen the economic impact of the war, warning: “The Iranian armed forces… will not allow the export of a single liter of oil from the region to the hostile side and its partners until further notice.”
“It is we who will determine the end of the war,” the IRGC said.
Qatar, which has suspended LNG exports and sent European energy prices sky-high, said Iranian attacks on its civilian infrastructure were continuing, and the Israeli military announced a new wave of attacks on Tehran.
“There would be catastrophic consequences for the world’s oil markets the longer the disruption goes on, and the more drastic the consequences for the global economy,” Saudi oil giant Aramco’s president and CEO Amin H. Nasser told journalists. “It’s absolutely critical that shipping resumes in the Strait of Hormuz.”
Malacañang, for its part, urged the public to avoid panic buying of fuel and basic commodities amid concerns about price increases as the Middle East crisis shows no signs of letup.
Presidential Communications Office Undersecretary Claire Castro said there has been no unusual movement in the prices of basic goods in Metro Manila and other regions, based on information from the Department of Trade and Industry.
“There is no need for panic buying because supply is adequate and even more than enough, especially for our fuel and basic commodities,” Castro said.
Senator Francis Escudero also called for strict enforcement of laws against fuel hoarding and profiteering.
“Enforcement must be swift, decisive, and unforgiving to send a strong message that economic sabotage will not be tolerated,” Escudero said.
“Every peso added through profiteering is a peso stolen from jeepney drivers, market vendors, and wage earners who already struggle to make ends meet. We must protect the most vulnerable from opportunists who exploit crises for private gain,” he added. With AFP