Consumers are facing price increases of as much as P3.50 per liter for diesel and P4.55 per kilo or P50.05 per 11-kilo tank of cooking gas today (August 1) to reflect the movement of prices of oil and liquefied petroleum gas in the world market.
Oil firms implemented a big-time oil price hike of P3.50 per liter for diesel, P3.25 per liter for kerosene and P2.10 per liter for gasoline effective 6 a.m. today – the highest increase for diesel and kerosene since the start of the year. The highest increase for gasoline was on January 3 at P2.90 per liter.
The price adjustments effectively erased the net decrease for diesel, which now has a net increase of P3.10 per liter, and shaved the net decrease for kerosene to P0.10 per liter. Gasoline, on the other hand, has a net increase of P11 per liter.
Transport group Pasang Masda appealed to the government to extend aid to drivers in the form of fuel vouchers in lieu of a fare hike as well as to allow a P1 price surge during rush hours.
“These hefty price adjustments will result in a P150 daily income loss for drivers,” Martin said in a television interview yesterday.
Earlier, the so-called Magnificent 7 – composed of the biggest transport groups in the country – said it will meet to submit recommendations to the government amid the oil price hikes.
Alliance of Transport Operators and Drivers Associations of the Philippines president Melencio Vargas said one option is to provide discount lanes for public utility jeepneys in gasoline stations.
“The new oil price hike will be a big burden for us,” Vargas said.
This is the fourth consecutive week of increase for diesel and kerosene and the third for gasoline.
“Petron will implement the following price increases effective 6 a.m. on Aug 1: P2.10 per liter for gasoline; P3.50 per liter for diesel and P3.25 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Phoenix Petroleum Philippines, PTT Philippines, Seaoil Philippines and Caltex Philippines also announced the latest oil price hike while others are expected to follow suit.
Petron Corp. said it will also implement a P4.55 per kilo (VAT-incl) increase in LPG prices and a P2.54 per liter hike for its autoLPG prices.
“These reflect the international contract price of LPG for the month of August,” Petron said.
LPG Marketers Association president Arnel Ty said the forecast is due to the higher contract price of LPG in the world market, which went up between $65 to $75 per metric ton.
DOE director for the Oil Industry Management Bureau Rino Abad said Friday domestic pump prices are expected to go up after the Organization of the Petroleum Exporting Countries continued to implement its oil output cut of one million barrels per day.