• CHERYL G. CRUZ
A hefty fuel price increase will take effect tomorrow, Jan. 20, still due to lingering geopolitical concerns overseas.
Oil companies announced over the weekend that gasoline could increase by P0.80 to P1.10 per liter, diesel by P1.70 to P2/L, and kerosene by P1.30 to P1.50/L.
Exact adjustments will be known today.
This will be the second week of increase for gasoline this year, and the third for diesel and kerosene.
Jetti Petroleum president Leo Bellas had said in a Philippine News Agency report Jan. 16 that “prices of crude oil and refined fuel products have increased significantly due to the volatile and unpredictable environment arising from the simultaneous geopolitical tensions in Venezuela, Iran, and the Black Sea, despite the potential supply glut looming over the market.”
“The protests in Iran and the threat of US intervention in support of demonstrators have raised concerns that the ensuing conflict could spread and threaten flows through the Strait of Hormuz,” he was quoted as saying, adding that “drone attacks on two Western-operated oil tankers in the Black Sea have added to the tensions in the Middle East and fueled worries of more supplies being affected.”
Meanwhile, liquid fuels retail outlets and LPG industry participants in the Negros Island Region, as well as in Western, Central, and Eastern Visayas are reminded to submit their 2025 annual reports digitally, the Department of Energy-Visayas Field Office said in an advisory.
Deadline for submission is on Jan. 20 for LPG industry players, and on Jan. 30 for liquid fuels retail outlets.
Annual report forms can be accessed via https://bit.ly/4aeJh6X, or submitted via http://bit.ly/4atbLtG.
The requirement to submit the duty-notarized 2025 annual report on purchase and sales volume, and updated authenticated distributor/supplier/dealer agreement is pursuant to Department Circular DC2017-11-0011, or the revised rules and regulations governing the business of retailing liquid fuels, the DOE said.
“No hard copies or alternative modes of submission will be accepted,” it added.
Liquid fuel participants, who fail or are late in submitting the required annual reports, or found to have made any misrepresentation or misdeclaration, shall be fined P10,000 for the first offense, and P20,000 for LPG industry participants, the DOE advisory states. | CGC
