• CHERYL G. CUZ
The pump prices of petroleum products will be increased twice this week – on June 24 and 26 – to cushion the impact on drivers, the Department of Energy said June 23.
The per liter prices of diesel will go up by P2.60, gasoline by P1.75, and kerosene by P2.40, effective today and on Thursday.
The staggered implementation of the petroleum price adjustments aims to “balance economic realities with the need to shield our people from sudden price shocks,” DOE officer-in-charge Sharon Garin said in a statement, adding this scheme was reached following discussions with oil companies June 23.
Due to the rising global oil prices brought about by geopolitical tensions between Iran and Israel and the market volatility, oil companies said that prices of diesel will increase by P5.20/L, gasoline by P3.50/L, and kerosene by P4.8/L.
This will be the sixth consecutive week of increases for gasoline, the fourth for diesel, and the third for kerosene.
As of yesterday, the average pump prices of diesel stood at P53.40/L, gasoline at P55.90/L, and kerosene at P70.22/L.
Garin, meanwhile, is set to meet today with officials from the Department of Transportation and the Department of Agriculture to discuss the timely rollout of targeted subsidies for public transport drivers and farmers, the DOE said.
Per policy, fuel assistance for drivers and farmers is automatically activated when the average price of crude oil breaches the USD 80 per barrel threshold. As of Monday, Dubai crude oil stood at USD 75.16 per barrel. | CGC
