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Diesel & Kerosene Prices to Increase Next Week, DOE Official Says

A DOE official said that Filipino motorists should brace for the possible increase in prices of diesel and kerosene next week.

On Friday (June 24, 2022), Energy Department’s Oil Industry Management Bureau director Atty. Rino Abad cited the possible projection of fuel prices next week. He said that gasoline prices may remain the same or be rolled back.

“So when we computed, unfortunately, ang ini-expect natin if not baka hindi pa ito magko-cause ng rollback. Pero ang gasolina may chance ng konting rollback o walang adjustment. Yun ang tinignan natin,” Abad said.

DOE

However, Abad is expecting an increase of more or less P1 per liter of diesel and kerosene. He explained that the depreciation of the peso value during the past few days is the reason for the looming price hike.

“Ngayong week bumaba ang ating trading prices ng gasoline, diesel at kerosene. Unfortunately, in a matter of five days, halos piso ang itinaas ng ating peso compared to US dollar,” Abad added.

The Philippine peso lost 23 centavos on Thursday resulting in P54.7 per $1. It was considered the worst performance since November 21, 2005.

DOE

The continuous price hikes since January 2022 contribute to the daily burden of Filipino people especially those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.

Numerous drivers and operators of public utility vehicles were already complaining regarding the surging prices of fuel. The government is already taking action to address the issue.

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