Oil companies have jacked up pump prices of fuel, including those for domestic use, for eight consecutive weeks in a row, adding to customer’s woes amid the long extended pandemic.
Energy Secretary Alfonso Cusi, meanwhile, has announced the good news that he sees no signs of future oil price hikes in the coming months.
MANILA — The Energy Secretary has pointed out, however, that this would still depend on the developments in the global oil market.
“(But we’re) praying and hoping…and based on the indication, the fundamentals we are seeing, hindi mangyayari (this won’t happen),” he said when asked in a television interview if he foresees oil prices to increase by another ₱7 in the succeeding months from October.
The increase in demand has resulted in price hikes of more than ₱7 a liter for gasoline and other petroleum products in less than two months, despite local oil companies raising diesel prices by ₱1.50 per liter and gasoline prices by ₱1.80 per liter.
Cusi said the Department of Energy (DoE) has asked local oil companies to provide discounts to motorists in an effort to mitigate the impact of the price hikes.
The Government is also in talks with the Department of Transportation (DoTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) about providing subsidies to public utility vehicle (PUV) drivers who have been hit hard by the rise in oil prices.
“The DOE is also eyeing the possibility of suspending excise tax on gasoline and petroleum products,” the energy chief said.
According to sources, the Organization of Petroleum Exporting Countries (OPEC) is now increasing output by 400,000 barrels per day to limit global market price hikes. Diesel and gasoline prices have increased by ₱18 per liter and ₱19.70 per liter, respectively, since the beginning of the year. (TRC/The MiNT)