• CHERYL G. CRUZ
The pump prices of petroleum products will increase by more than P1 per liter, effective tomorrow, Oct. 28, in the runup to the Undas exodus, or the expected influx of passengers going back to their hometowns for the All Saints and All Souls days observance.
Oil companies announced over the weekend that diesel could increase by P1.70 to P1.90 per liter, gasoline by P1 to P1.30.L, and kerosene by P1.50 to P1.80/L, amid ongoing geopolitical concerns.
The exact price adjustments will be known today.
This will be the fourth consecutive week of gasoline price hikes, and the first for diesel and kerosene following recent rollbacks of P0.70/L and P0.60/L, respectively.
“Oil prices are higher due to concerns that the fresh US sanctions on Russian companies, following sanctions imposed by Britain, could lead to tighter physical flows of Russian oil,” Leo Bellas, Jetti Petroleum president, was quoted as saying in a recent Philippine News Agency report, adding that “this could force buyers of Russian oil to reroute volumes to other sources, causing major disruptions in supply flows.”
The Department of Energy, meanwhile, said it has introduced major policy actions to fast-track the country’s transition to electric mobility, strengthening both the infrastructure and regulatory environment needed to achieve large-scale electric vehicle (EV) adoption.
These include the issuance of the Electric Vehicle Charging Infrastructure Development Plan Integration Circular, the upcoming public consultation on mandatory EV charging station (EVCS) installations for designated establishments, and the amended EV recognition guidelines, which streamline registration procedures and clarify compliance requirements for industry stakeholders.
All these efforts align with the directive of President Ferdinand Marcos Jr. to achieve 50 percent EV adoption on Philippine roads by 2040, as envisioned under the Comprehensive Roadmap for the Electric Vehicle Industry, which targets the deployment of at least 2.45 million EVs and 20,400 charging stations nationwide.
Energy Secretary Sharon Garin, in a statement, said that by reducing reliance on imported oil, “EV adoption shields our economy from volatile global prices while expanding the use of locally-sourced renewable energy”. | CGC
