- CHERYL G. CRUZ
A big-time price increase of more than P6 per liter of diesel, and more than P2 per liter of gasoline is expected Tuesday, June 7.
Oil companies forecast showed that diesel will increase by P6.30 to P6.50 per liter, and gasoline by P2.50 to P2.70 per liter.
The exact increase for the June 7 to 13 period will be known Monday.
On May 31, oil companies implemented a uniform price decrease in gasoline by P1.70 per liter, while diesel and kerosene increased by P1.20 and P2.45 per liter, respectively.
These resulted in the year-to-date adjustments to stand at a net increase of P23.85/liter for gasoline, P30.30/liter for diesel, and P27.65/liter for kerosene, the Department of Energy oil monitor showed, adding that local pump prices are influenced by supply and demand in the international market.
The DOE said reports of a prospective ban on US oil product exports fueled the market surge, which, if enforced, may limit supplies in the worldwide market.
“The Asian gasoil/diesel market rose on week by $7.12/b to $42.31/b as demand from importing regions in Asia is healthy with COVID-19 restrictions lifted in most countries and a pick-up in industrial, tourist, and economic activities,” it added.
Meanwhile, the DOE has warned the public of persons “posturing themselves as members of the LPG Task Force…and pretending to be implementing the objectives of the law.”
The DOE has neither authorized any person and LPG association nor established any task force for that purpose and we advise the public in general not to fall prey to such fraudulent activities, its advisory said. “Victims of this ‘Task Force’ should report the fraudulent activity thru the office of Oil Industry Management Bureau director Rino Abad at 8840-2114, or e-mail rabad@doe.gov.ph, or Loralai Capistrano at 8840-2130.”
The agency will continue to do its mandate under the law and will not tolerate any unacceptable act or deed by any person and entity just to promote their own interest.
The DOE is the primary government agency responsible for the implementation of Republic Act 11592, or the LPG industry Regulation Act, so any task force that may be created shall undergo the strictest scrutiny in the creation of its members, it added./CGC
