• CHERYL G. CRUZ
The second straight week of fuel price increases will take effect today, July 7, even as global oil prices already decreased to below USD80 per barrel, following a peace plan between the US and Iran.
Oil companies said prices of diesel will increase by P3.30 per liter, gasoline by P0.25/L, and kerosene by P1.75/L.
Effective June 30, diesel also increased by P0.84/L, gasoline by P1.65/L, and kerosene by P1.22/L.
Energy Secretary Sharon Garin said July 6 that it may take some time for crude oil prices to return to pre-war levels.
“It won’t happen in just one week or two weeks. It might take time. It might even take a few weeks or a few months. But I think the worst is over,” she said in a Philippine News Agency report. “Hopefully, we can start adjusting the price as well, to adjust to pre-war price.”
Reports said the conflict in the Middle East, which started late February, “created the biggest energy disruption in history” and risk of future price spikes looms with the buffer reserves drained. | CGC
