MANILA — Filipino motorists are facing another massive blow at the pumps as oil companies announced a third consecutive week of steep price hikes, with diesel set to increase by as much as PHP 18 per liter starting Tuesday.
The surge, driven by the volatile ongoing conflict in the Middle East, marks one of the most significant single-day adjustments in recent history. Unlike previous weeks where some firms opted for staggered implementations, this latest round will be applied in a single tranche.
In an advisory released Monday, March 23, Jetti Petroleum confirmed it will raise gasoline prices by PHP 8 per liter and diesel by PHP 18 per liter, effective 6 a.m. Tuesday.
Seaoil followed with even broader adjustments, announcing a PHP 9.70 per liter increase for gasoline, a PHP 16.80 per liter hike for diesel, and a PHP 20.90 per liter surge for kerosene, also effective at 6 a.m. Tuesday.
The Department of Energy (DOE) and other major oil players have yet to release their official figures for the week, though they are expected to follow the upward trend.
Despite the aggressive price spikes caused by Middle Eastern supply disruptions, the government maintains that the country’s physical inventory is not currently at risk.
Energy Secretary Sharon Garin earlier assured the public that domestic fuel supply remains sufficient and could last until early May, provided conservation efforts are observed.
To mitigate the impact of the global oil crisis on the national budget and various sectors, the government is enforcing strict austerity measures.
Government agencies have been directed to limit fuel and electricity consumption, with a formal target to achieve at least 20 percent savings by the end of the year. These measures are being pushed to help cushion the broader economic impact as rising oil prices continue to ripple through the transport and goods sectors.| PNA
