Article by Arabella Balderama

According to Rodela Romero, the Department of Energy’s (DOE) Oil and Industry Management Assistant Director, an oil price hike would be implemented beginning June 13, 2023, due to global production cuts and inflation.

“Base po sa monitoring natin sa international oil market, makakaranas po tayo ng pagtaas ng presyo ng produktong petrolyo, gaya na gasolina, diesel at kerosine,” said Romero during the Laging Handa public briefing, attributing the price increase to the tight oil production in international markets.

The DOE Assistant Director specifically imputed the hike to Saudi Arabia’s production cut, as they plan to reduce its manufacture by one million barrels per day starting on July 1.

Romero also added that there are other influencing elements to the mark up, which included global economic recessions and inflation.

“Bali naghilahan yung dalawang kadahilanan, but still, mataas po yung average nung cost last week, so nahatak po pataas na presyo ang produktong petrolyo kaya maranasan natin yung increase tomorrow morning,” she stated.

Local companies such as Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell had announced their price changes, raising gasoline by PHP 1.20 per liter and diesel by PHP 1.40 per liter. These adjustments ended the recent rollback on fuel prices, which was effective last June 6.

With this, transport operators and consumers must prepare for higher fuel costs to avoid difficulties.

Thumbnail from The Philippines News Agency