DOE: More fuel price hike expected in the coming weeks

MANILA — An Energy department official stated on Wednesday that consumers and motorists will possibly have to prepare for more rounds of fuel price hike in the coming weeks. 

Local oil companies announced earlier this week that price increases of P2.7 per liter for gas, P6.55 per liter for diesel and P5.45 per liter for kerosene. 

“Tuloy tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod ng weeks. Wala po tayong nakikitang event — sana may dumating — na siyang mag-ooffset nung push nitong mga event na ‘to na tuloy tuloy na nagiincrease ng ating price,” Department of Energy Oil Industry Management Bureau Director Rino Abad said in an interview on GMA Network’s Unang Balita on Wednesday. 

The ongoing conflict between Russia and Ukraine, the restriction on Russian oil imports by the European Union, and the summer season in several countries in the Northern hemisphere are some factors that will contribute to the increase in demand.

The lockdown in China’s financial hub Shanghai, Abad explained, as part of the country’s efforts to curb COVID-19 also contributed to the fuel price rollbacks in the previous weeks. 

In the global oil market, which the Philippines rely significantly for its supply, sentiments and speculations cause price fluctuations.