DOE: P17–P24 oil price hike this week to be spread out

Oil prices are set to increase by P17 to P24 per liter this week, but the hike will be spread over seven days instead of being implemented in a single day, Energy Secretary Sharon Garin said.

Garin made the announcement during a briefing with government agencies at a hearing of the House committee on ways and means, which tackled calls to suspend the imposition of excise taxes on fuel.

“The price now is not the highest in history, but the one coming… that will be implemented tomorrow will be the highest jump," she said.

Garin explained that the DOE cannot regulate fuel prices because the oil industry is deregulated.

"They (oil companies) report to us on what their plan is, and the range [of the increase] is around P17 to P24 per liter. That is the increase for this coming week, which is Tuesday up to Monday next week,” she said.

Garin said the variation in the projected price hikes depends on the oil companies involved, as the government has no authority to regulate prices.

“What I can give you that’s positive about the news today is that they [oil companies] have agreed to stagger it in the sense that in the whole week, hindi isang bagsakan na P20 agad tomorrow (It won’t be a sudden P20 jump all at once tomorrow),” she said.

The DOE secretary said some oil companies will implement an increase of P2.50 per liter daily, while others may impose a P10 per liter hike on March 10.

“The rates are different, and it is hard to monitor, but we’ll publish the rates. The price is pegged on Dubai crude oil and the international market,” she added.

The Middle East conflict began after a joint US-Israel operation dubbed Operation Epic Fury launched airstrikes targeting Iran’s seat of government, reportedly to deter Iran’s missile program, which they say threatens regional security.

The operation has reportedly killed Iranian leaders and prompted Iran to retaliate with airstrikes targeting US bases and other facilities in the Middle East—regions from which the Philippines imports 98% of its crude oil supply.—MCG, GMA Integrated News