MANILA, Philippines — Motorists may face another sharp increase in fuel prices next week as tensions in the Middle East continue to disrupt global oil markets.
An industry source said pump prices could rise significantly, with diesel expected to increase by around P16.50 to P17.50 per liter, while gasoline may go up by P7.50 to P8.50 per liter.
Earlier, the Department of Energy (DOE) announced fuel price adjustments for the week of March 17 to March 23, which included increases of P20.40 to P23.90 per liter for diesel, P12.90 to P16.60 for gasoline, and P6.90 to P8.90 for kerosene.
DOE data also showed the prevailing retail prices of petroleum products in the National Capital Region based on figures from March 10 to 16, including the latest adjustments. Diesel prices ranged from P91.35 to P114.90 per liter, gasoline from P86.40 to P100.30 per liter, and kerosene from P91.90 to P143.79 per liter.
Despite the anticipated price increases, the DOE assured the public that the country’s fuel supply remains stable.
Energy Secretary Sharon Garin, however, warned consumers against panic buying and hoarding, noting that such actions could disrupt supply and affect sectors that heavily rely on fuel, particularly public utility vehicles.
“If one group starts hoarding fuel, others will suffer the consequences, especially public transport operators. We must avoid actions that could trigger unnecessary panic,” Garin said.
elamigo/xf
