As the Russia-Ukraine conflict is not showing any signs of ending anytime soon, the fuel prices will inevitably go up once again globally including the Philippines.
Another round of fuel price increase is seen this week
In a recent post by UNIOIL on Facebook, the price of diesel is expected to increase by Php 12.20 to Php 12.30 per liter. Meanwhile, gasoline prices are seen to go up by Php 6.80 to Php 7.00 per liter. All the said fuel price hikes are set to be implemented this week.
The unceasing fuel price surges made diesel products almost as costly as gasoline. This can affect public utility vehicles (PUVs) which are used by the majority of Filipinos. As such, one can expect that the minimum fare could be increasing as well. Transport groups have already started to file a petition to make it happen.
UNIOIL's fuel forecast
In the meantime, the government will start to distribute fuel subsidies to PUV drivers and operators on March 15, with each beneficiary receiving Php 6,500. More than 370,000 beneficiaries will receive the fuel subsidy, covering those who operate jeepneys, UV express, tricycles, among others.
If the situation won’t get any better soon, the Department of Energy (DOE) warned that local gasoline prices could reach as much as Php 100 per liter. Considering that Russia is one of the largest oil producers in the world, DOE Secretary Alfonso Cusi said that the government agency’s fuel price prediction is not unlikely.
Few government officials have started to encourage the suspension of excise tax on fuel until the prices of products in the international market stabilize. However, some officials oppose the suspension as the economy is expected to lose billions if it is ever enacted.
Minimum fare stays at Php 9 for now
The said fuel price hikes on diesel and gasoline products will be enacted from March 15 until March 21, 2022. By then, we can only hope that the fuel prices will go down especially now that businesses, schools, and workplaces are starting to re-open under Alert Level 1.
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