Another round of fuel price increases awaits motorists, the fourth straight upward movement in recent weeks. The price of diesel is projected to climb by between Php 1.20 and Php 1.40 per liter, while consumers can expect a hike of between Php 0.10 and Php 0.20 per liter.
Another fuel price hike awaits motorists this week
This was announced by fuel price watchdog PH Fuel Watch on its Facebook page, adding that the actual rates will depend on the particular station and location.
The trend in rising fuel prices is seen as consistent with the Department of Energy’s (DOE) forecast for the month of June. “Itong tuloy-tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod na weeks,” according to DOE Oil Industry Management Bureau Director Rino Abad. “Wala po tayong nakikitang event ngayon para dumating na siyang mago-offset nitong push ng mga events na ito na tuloy-tuloy nagpapa-increase ng mga price.”
(We expect these continuous price increases to keep happening in the coming weeks. We do not see any event for now that can offset the factors that constantly push oil prices to increase)
The Department of Enery earlier predicted fuel price hikes throughout the month of June
As of the latest trading, international pricing benchmarks West Texas Intermediate (WTI) and Brent Crude have been pegged at $107.15 (Php 5,883.55) and $112.90 (Php 6,199.28) per barrel, respectively.
As with most other price increases this year, the adjustment is being attributed to world developments such as Russia’s continuing invasion of Ukraine. The lifting of COVID lockdowns in countries such as China is also a factor, leading to an increased demand for limited oil supplies.
Rising fuel prices have been attributed as the reason for reduced traffic on EDSA
Another cause of local fuel price increases is the fluctuating value of the Philippine peso in relation to the U.S. dollar. As of this writing, the exchange rate stands at Php 54.91 to the greenback.
Taxi drivers and operators have issued an appeal to raise their flag-down rates by Php 20. A number of public utility jeepney (PUJ) drivers have reportedly stopped plying their routes as high diesel prices have reduced their incomes, even as the government has distributed fuel subsidies to over 200,000 beneficiaries so far.
Keep tabs on more fuel price updates at Philkotse.com.