• CHERYL G. CRUZ
The pump prices of diesel could go up by P5 to P5.20 per liter, gasoline by P3.30 to P3.60/L, and kerosene by P4.50 to P4.70/L effective tomorrow, June 24, amid the worsening Israel-Iran war and the continuing surge in global oil prices.
This as the Department of Energy assured that the government “is prepared to roll out fuel subsidies to sectors directly impacted by fuel price increases, specifically transport and agriculture…to prevent a domino effect that could drive up the cost of basic goods and services.”
The DOE said that per policy, fuel assistance for public transport drivers and farmers is automatically activated when the crude oil price breaches USD 80 per barrel.
As of yesterday, crude was at USD 74.93 a barrel, but prices are likely to further soar after the United States attacked several Iran facilities, and intensified the Iran-Israel conflict, according to wire reports.
“Our immediate priority is to ensure that our fuel supply remains stable and sufficient, and that any local price adjustments are managed in a way that minimizes disruption to our economy,” DOE officer-in-charge Sharon Garin said in a recent statement.
The DOE said oil companies are currently mandated to maintain at least a 30-day inventory of crude oil, and a 15-day inventory of finished petroleum products.
It is also appealing to industry players to implement “staggered fuel price adjustments, especially in cases of sudden and significant spikes in global oil prices, in order to cushion the impact on local consumers”.
This will be the sixth consecutive week of increases for gasoline, and the fifth for diesel. Last week, diesel and gasoline prices both went up by P1.80 a liter, and kerosene by P1.50/L.
“As we face continued volatility in the global oil market, the DOE is taking firm and proactive steps to protect the welfare of our people,” Garin had said. “Through close coordination with the oil industry and strict monitoring of inventory levels, we are working to maintain energy security while preparing targeted interventions to support the most affected sectors.”
The DOE said the 2025 General Appropriations Act (GAA) earmarks P2.5 billion through the Department of Transportation for fuel subsidies to drivers of public utility vehicles (PUVs), taxis, ride-hailing services, and delivery platforms nationwide.
The Department of Agriculture, meanwhile, has an allocation of P585 million to support farmers and fisherfolk in the agricultural sector, who may be adversely affected by rising fuel costs, it added.
The Land Transportation Franchising and Regulatory Board also earlier said that no fare increase has been approved for PUVs, following the continued rise in fuel prices. “Any adjustment to current fare rates remains on hold, pending the outcome of an ongoing study” by the Department of Economy, Planning, and Development, formerly NEDA. | CGC
