Second oil price hike 'possible' within this week

Motorists already burdened by a hefty fuel price hike that took effect Wednesday may have to brace themselves even more, as an energy official hinted at a possible second hike before this week ends.

 

Energy Undersecretary Jose Layug Jr. said they were advised by Petron and Chevron their P1/liter increase Wednesday was only "preliminary," adding the department's calculations indicated a higher price hike.

 

"Ayon sa aming calculation medyo mataas ang inaasahan natin at ito ang nakita nating movement sa international market last week," Layug said in an interview on dzBB radio.

 

When asked if consumers can expect another price hike within this week, he said, "Mukhang meron pa."

 

A separate report on dzBB radio earlier said Petron and Chevron effected a P1/liter hike for regular gasoline and diesel products starting Wednesday.

 

It said another company, Eastern Petroleum, will increase prices of gas by P1.75 per liter and diesel and kerosene by P1.50 per liter.

 

Layug said the DOE's calculations were "closer" to the price adjustments by Eastern Petroleum, adding Petron and Chevron were to "stagger" their price hikes.

 

"Sabi nila preliminary lang ... hindi nila ginawang isang bagsakan," he said.

 

Layug said this was due to price hikes in the international market, and due to the tension in the Middle East.

 

On the other hand, he said any further price adjustments this week will be reflected next week.

 

He said the government uses a week-on-week average system as basis for calculating fuel prices. –KG, GMA News