Domestic pump prices for fuels went up anew on Tuesday by P1.20 per liter for diesel, P1.10 per liter for kerosene, and P0.50 per liter for gasoline — the ninth consecutive week of hikes for diesel and kerosene and the eighth for gasoline.
Over the past nine weeks, diesel prices have gone up by a total P14.40 per liter, and kerosene by P13.75 per liter.
On the other hand, gasoline prices increased by P9.65 per liter over the past eight weeks.
This developed as the Department of Budget and Management is facilitating the release of P3 billion for the implementation of the Department of Transportation’s Fuel Subsidy Program, under the Fiscal Year 2023 General Appropriations Act, the DBM said Monday.
The subsidy is projected to benefit approximately 1.36 million transport operators and drivers, the DBM said in a statement.
The funds would go to around 280,000 public utility vehicles, 930,000 tricycles, and 150,000 units related to delivery services “that stand to gain from this relief measure,” the DBM said.
In a statement, the DBM said the target beneficiaries of the transport sector subsidy comprises public utility vehicles, taxis, tricycles, and full-time ride-hailing and delivery service drivers nationwide, “which have been adversely affected by progressive fuel price hikes.”
The department received on Monday the official letter of request for the issuance of a Special Allotment Release Order and Notice of Cash Allocation for the project from the DOTr.
The DBM likewise received the official Joint Memorandum Circular and the Memorandum of Agreement, it added.
The initiative aims to bring some respite to these transportation stakeholders who are currently grappling with the repercussions of heightened fuel prices.
“Phoenix Petroleum Philippines will increase the prices of gasoline by P0.50 per liter and diesel by P1.20 per liter effective 6 AM of 05 September 2023,” the company said in its advisory.
Other oil companies namely PTT Philippines, Cleanfuel, Jetti Petroleum, Chevron Philippines, Seaoil Philippines, and PetroGazz also issued their respective price advisories.
Department of Energy director for the oil industry management bureau Rodela Romero confirmed the possible oil price hike this week.
“We will be expecting another round of increases in the prices of petroleum products. This is attributed to China’s stimulus measure to alleviate fuel demand and the hurricane Idalia that hit the oil production and power generation facilities in the US Gulf of Mexico and US government data showed tighter-than-expected crude supplies,” Romero said.
The oil companies implemented an increase of P0.30 per liter for gasoline, P0.70 per liter for diesel, and P0.80 per liter for kerosene on August 29.
These price adjustments resulted in a year-to-date net increase of P14.80 per liter for gasoline, P9.50 per liter for diesel, and P6.64 per liter for kerosene, according to DOE.
The oil firms also raised the price of liquefied petroleum gas on September 1 by P6.65 per kilogram or P73.15 per 11-kg tank to reflect the higher contract price of LPG in the world market.