MANILA, Philippines – Oil companies are set to impose another big-time oil price hike next week.
This means an additional P2.00/L will be imposed on the price of gasoline and more than P1.00/L on other fuel products.
Should the big-time price hike push through, the price of gasoline will increase by P2.35/L.
The price of diesel will be up by P1.80/L and kerosene will mark up by P1.75/L.
The Department of Energy (DOE) said the price hike was in relation to the recent bombing at two large oil facilities in Saudi Arabia.
The incident pushed oil prices up in fear of supply shortage.
In a statement, however, Energy Secretary Alfonso Cusi said that consumers have no reason to panic because Saudi Arabia has assured to recover their oil supply to normal at the soonest possible time.
“Hindi makikiusap ang DOE sa mga kumpanya ng langis na utay utayin ang dagdag presyo sa petrolyo sa susunod na linggo (The DOE will not ask oil companies for a gradual price hike next week),” Cusi said.
“Let market forces dictate kasi inaasahan namang babalik na sa normal ang produksyon ng langis ng Saudi Arabia kasunod ng bombing (because it is expected that oil supply will return to normal following the blast in Saudi Arabia),” he added.
The DOE assured also that the country’s oil supply is enough to last for 30 days.
Cusi said they are keen on recommending the suspension of excise tax on oil in case oil prices soar as a result of the blast in Saudi Arabia’s oil facilities. — MNP (with details from Mon Jocson)
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