DOE Says Oil Price Hike Could Not Reach P7 Within Next 2 Months

Oil Price Hike Not Expected to Reach P7 Within Next 2 Months, DOE Says

PUMP PRICE HIKE – The Department of Energy said that the oil price hike could not reach P7 within the next two months.

On Wednesday (October 20, 2021), Energy Secretary Alfonso Cusi said that the continuous price increase of gasoline and petroleum products will continue to add burden to the Filipino people.

Cusi said that the oil prices will still depend on the developments in the global market but he does not see the pump prices to surge by another P7 in the next two months. The statement came after the oil firms on the country raised the prices of diesel by P1.50 per liter and gasoline by P1.80.

Oil Price Hike

“Praying and hoping. And based on the indication, the fundamentals we are seeing, hindi mangyayari (this won’t happen),” Cusi said.

DOE also asked the local oil companies to offer discounts to the Filipino motorists. The agency would also like to discuss the matter with various departments to ease the suffering of Filipino motorists due to surging prices of petroleum products.

The Energy Department wants to meet the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) for the proposed provision of subsidy for PUV drivers.

Oil Price Hike

Cusi also plans to suspend the excise tax on gasoline and petroleum products to ease the surging prices of oil.

“The OPEC (Organization of the Petroleum Exporting Countries) is increasing the production by 400,000 barrels a day, so that that would help na more or less na hindi na masyadong tumaas ang presyo ng langis,” Cusi said.

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Read Also: Oil Firms Set To Impose Another Pump Price Hike on Tuesday (Oct 19)

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