MOTORISTS may face another round of hefty fuel price hikes next week, with diesel expected to go up by as much as P5 per liter, according to the Department of Energy (DOE).
DOE Oil Industry Management Bureau Director III Rodela Romero said the increase is driven by higher global oil prices, with diesel posting nearly a $3 per barrel jump in trading between Wednesday and Thursday.
Based on four days of trading data from the Mean of Platts Singapore (MOPS), the projected fuel price adjustments for June 24 are as follows:
Gasoline: P2.50 to P3.00 per liter
Diesel: P4.30 to P4.80 per liter
Kerosene: P4.25 to P4.40 per liter
“If prices rise again on Friday, diesel may breach the P5 mark,” Romero said.
The last time diesel prices saw a similar increase was in March 2022, when the U.S. imposed a ban on Russian oil imports following the invasion of Ukraine.
The Philippines consumes around 32 million liters of diesel and 23 million liters of gasoline daily.
Romero urged the public to plan trips wisely and avoid unnecessary travel to save on fuel.
President Ferdinand Marcos Jr. earlier assured the public that the government is prepared to roll out fuel subsidies to sectors that may be affected by global oil supply disruptions, particularly due to the ongoing conflict between Israel and Iran.