MANILA — Motorists should brace for a big-time increase in oil prices of between P11 to P35 next week because of the conflict that the US and Israel sparked by attacking Iran.
Diesel seen rising P18 per liter, gasoline P8 next week as Mideast conflict continues
The following increases are seen based on the full-week trade monitoring on the Means of Platts Singapore, a benchmark for oil trading in Southeast Asia:
Diesel: P21 to P23 per liter
Gasoline: P11 to P13 per liter
Kerosene: P33 to P35 per liter
The Department of Energy earlier said it is looking at subdividing the increase across several days or weeks instead of implementing it in one blow, to cushion its impact on consumers.
DOE: Diesel could reach more than P80/L if price hike not staggered
The increase can lead to higher prices of other goods because of a higher transport cost.
Energy Secretary Sharon Garin said the DOE will announce over the weekend how the “staggered” price hike is going to be implemented by oil firms.
Garin has appealed to motorists not to purchase extra supplies or hoard fuel as this will distort the demand and supply balance, which can further affect the local market. — Alvin Elchico, ABS-CBN News