QUEZON CITY, Philippines – Oil companies are set to impose another big-time oil price increase tomorrow, May 22.
Starting tomorrow, the price of gasoline will have an additional P1.60 per liter while diesel will have P1.15 per liter additional.
A one peso increase, meanwhile, will be imposed on a liter of kerosene.
According to the Department of Energy (DOE,) the spike in petrol prices is due to the conflicts among oil producing countries such as Iran and Venezuela. The conflicts caused scarcity of supply that prompted the price to shoot up.
“Iyon nga ang minomonitor natin (ang) mga developments sa international dahil anuman ang pangyayari doon reflected lang iyong domestic price,” said Rodela Romero, Assistant Director of the Oil Industry Management Bureau.
The agency said domestic supplies of oil used in vehicle engines are all imported. Aside from deregulation, DOE has no control of the local prices since it is fully dependent on oil prices implemented in the world market.
DOE can only assure to monitor local prices and operations of oil companies to prevent under delivery, adulteration and low quality.
Based on DOE assessment, the price of oil products already gained more than P8.00 in the period from January to May. This includes additional excise tax brought about by the Tax Reform Acceleration and Inclusion (TRAIN) law.
The agency is set to make rounds in gasoline stations this week to check that none of them is taking advantage of the oil price hike. – Mon Jocson
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