The Department of Energy advised motorists to gas up this weekend to avoid paying higher pump prices ahead of an expected oil price hike.
DOE Oil Industry Management Bureau Director Rino Abad said recent events in the Middle East affected the movement of oil prices in the global market, which makes an increase in local pump prices highly possible in the coming week.
The official has not yet given a definite estimate but said the expected increase is higher than the announced price adjustments for the first week of September and is ‘very close’ to P4-P5.
This week, gasoline prices increased by P1.08, diesel by P2.31 and kerosene by P0.95.
‘Sa nakikita ho naming trend, maigi na ho talaga na gawin na nila ang pagpapagasolina ngayong weekend, huwag na ho magpaabot sa Tuesday. Makakatulong ho ito na maiwasan itong increase na mangyayari Tuesday next week,’ Abad told dzBB in an interview on Friday, September 4.
(Based on the trend we are seeing, it would be best if they refuel this weekend rather than waiting until Tuesday. It will help them avoid the price increase expected to be effective on Tuesday next week.)
Adjustments on local pump prices are announced every Monday and take effect every Tuesday at 6 a.m.
Abad said the news of oil tankers attacked in the Strait of Hormuz affected global price adjustments for oil and fuel products.
Earlier this week, two Filipino seafarers aboard a Saudi-flagged crude oil tanker were reported dead after an unidentified projectile hit their vessel.
The report came as the Middle East conflict intensified following the renewed exchange of attacks between the United States and Iran.
”Yung mga events na yan ay talaga namang nag-result doon sa aasahan nating increase next week,’ Abad said.
(Those events have resulted in our expected increase next week.)