ANOTHER big oil price increase awaits motorists and consumers this week.
The Department of Energy (DOE) said Monday that diesel prices will increase by as much as P2.31 per liter, gasoline by P1.08 per liter, and kerosene by P0.95 per liter. The estimated oil price adjustments were announced ahead of the oil firms’ official announcements.
The new pump prices will take effect on Tuesday, August 25.
‘This is what we call the permitted price adjustment. The adjustments of gasoline retailers tomorrow must not exceed these amounts,’ said Energy Undersecretary Mario Marasigan during a news conference.
Seaoil’s price movements are aligned with the DOE’s numbers except for kerosene which will increase by only P0.91 per liter. Other oil companies have yet to announce their fuel price adjustments.
Oil companies adjust their prices every week to reflect movements in the world oil market.
During a press briefing, the DOE also said that the country’s fuel inventory as of August 21 stood at 47 days. Of which, gasoline supply will last for 44 days; diesel, 47; kerosene, 121; jet fuel, 75; fuel oil, 54; and LPG, 34.
The government has implemented a P12-per-liter fuel discount for public utility vehicles (PUVs). The subsidy was increased from P10 per liter amid rising petroleum prices, allowing eligible public utility jeepney and UV Express drivers to claim their fuel benefits at more stations.
‘As of August 19, compared to August 12, the total budget for our fuel subsidy program has increased to P537 million. On average, the government is dispensing around P52 million in subsidies per week. This is being received by an increasing number of public utility drivers. We added around 2,000 drivers in just one week, bringing us to around 98,000 beneficiaries.