Don't be surprised to see a long line of motorists lining up for fuel today. We're about to endure another round of major pump price adjustments.
There were hints of a big-time oil price hike based on the MOPS estimates of Facebook page PH Fuel Watch over the weekend. As it turns out, the PHP 7 per liter increase on diesel for Tuesday is much higher than expected.
Pilipinas Shell has announced that beginning 6:00 AM, March 29, they are implementing an increase of PHP 9.40 per liter of kerosene, PHP 8.65 per liter of diesel, and PHP 3.40 per liter of gasoline. PetroGazz also released a fuel price advisory together with CleanFuel, and will be making the same adjustments on their diesel and gasoline products by 6:00 AM and 8:01 AM tomorrow, respectively.
Crude oil prices in the world market continue to be volatile in the past few days. According to Reuters, the recent attacks of Houthi on the Saudi Aramco fuel distribution facility caused prices to rise to USD 120 per barrel last Friday.
However, oil prices have come back down to below USD 110 per barrel today. This is mainly because of the nine-day lockdown imposed in China's financial hub, Shanghai after cases spiked in the city. As a result, China's fuel demand in the coming days is expected to slow down, causing the plunge in global oil prices.
With fuel prices significantly increasing and decreasing on a weekly basis, now might be a good time to fully take advantage of the government's public transport programs. The MRT-3 has an increased rider capacity with a four-car train and offers month-long free rides to the public. Furthermore, the LTFRB is in the final stages of bringing back the Service Contracting Program, which aids PUV drivers and commuters alike.