DOE urges oil companies to stagger fuel price hikes

To say that fuel prices are skyrocketing as of late is an understatement. Just yesterday, gas companies raised pump prices to new heights, literally. With gasoline and diesel receiving an increase of PHP 7.10 and PHP 13.15 per liter, respectively, motorists are struggling to keep up. In fact, diesel is now priced higher than gasoline.

The Department of Energy (DOE) is urging oil firms to implement a staggered basis of fuel price increases. According to DOE Oil Industry Management Bureau Assistant Director Rodela Romero, other oil companies in the country are currently implementing staggered price hikes.

“Noong nakaraang linggo po may oil companies na nag-implement ng staggered implementation at mayroon din pong oil companies na hindi nag-implement ng kaniyang adjustment. Hopefully makinig po iyong ating mga kasama sa industriya,” said Romero.

[Last week, some oil companies implemented staggered implementation and some oil companies did not implement its adjustment. Hopefully, our industry colleagues will listen]

The Energy Department also assured that there is currently enough fuel supply for the country and that they are already working with other agencies for the assistance of affected drivers.

As of late, the government has already released the PHP 2.5 billion initial funding for the fuel subsidy of public utility drivers and delivery riders. Romero added that the PHP 500 million fuel assistance to farmers and fisherfolks was also raised to PHP 1.1 billion.

With no certain timeline regarding the successive price hikes due to the volatility of the price of oil in the international market, motorists may have to brace for another increase in the coming weeks. Hopefully, oil firms will follow the DOE's appeal to implement a staggered increase on their fuel products to ease the burden of motorists.