Oil prices go up for 9th straight week

MANILA, Philippines — Local pump prices are set for another massive hike this week, the ninth straight week, as global tensions worsen.

In its forecast, Unioil Philippines said diesel prices are expected to increase by P0.80 to P0.90 per liter and gasoline by P0.90 to P1 per liter.

This would push up the net increase of pump prices to over P10 per liter since the start of the year.

So far, gasoline prices have increased by P8.75 per liter, diesel by P10.85 per liter and kerosene prices by P9.55 per liter.

Last week, the Brent breached the $105 per barrel level – the first time since 2014 – after Russia invaded Ukraine.

Oil prices were further pushed up by the ongoing shortage production of the Organization of Petroleum Exporting Countries and its allies or OPEC+.

The Department of Energy earlier warned of further oil price increases amid escalating concerns in the international market. This as the country imports majority of its oil requirements overseas.

Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) urged the Department of Budget and Management (DBM) to fasttrack the release of the funds for its fuel subsidy program as oil prices continue to soar.

LTFRB executive director Maria Kristina Cassion said they already submitted all pertinent documents related to the fuel subsidy, such as the list of beneficiaries, to the DBM.

She explained during a Laging Handa press briefing that the fuel subsidy program is essential in addressing the needs of the public transport sector.

The Department of Transportation earlier requested at least P2.45 billion to fund the fuel subsidy for around 377,443 public utility vehicle (PUV) drivers. Given this, the LTFRB said each beneficiary will receive P6,500.

Apart from expediting the release of the funds, the transport regulator is also urging the DBM to be liberal in the interpretation of a special provision in the 2022 national budget. – Emmanuel Tupas