Motorists face big-time pump price hikes next week, with gasoline expected to rise by ₱7.09 per liter and diesel by ₱15.33, according to oil industry estimates based on the first three days of trading.
Official adjustments will be announced Monday and take effect Tuesday. The Department of Energy (DOE) warned Wednesday that global developments, including the closure of the Strait of Hormuz, could push prices higher, and said it will urge firms to stagger increases.
Fuel prices were already raised Tuesday, March 3, by ₱1.90 per liter for gasoline, ₱1.20 for diesel, and ₱1.50 for kerosene.
Government measures to cushion the impact include fuel subsidies for transport operators, farmers, and fisherfolk, as well as free bus rides.
President Ferdinand Marcos Jr. has said he is considering a temporary suspension of fuel excise taxes, though the Department of Finance has yet to release revenue loss estimates.
The hikes come amid escalating conflict in the Middle East. US-Israeli airstrikes over the weekend killed Iranian Supreme Leader Ayatollah Ali Khamenei, confirmed by Iranian state media.
The Department of Foreign Affairs (DFA) meanwhile projected the conflict could last four to eight weeks.
DFA Assistant Secretary Germinia Aguilar-Usudan of the Office of Middle East and African Affairs said reports indicated the US is sending more rockets to Iran and that Washington is seeking influence over Iran’s leadership succession. (ZIA LUNA)
