MOTORISTS should prepare for a substantial increase in fuel prices in the coming days, with estimates ranging from ₱2.50 to ₱3.00 per liter for gasoline, ₱4.30 to ₱4.80 for diesel, and ₱4.25 to ₱4.40 for kerosene.
These projections, provided by the Department of Energy’s Oil Industry Management Bureau Assistant Director Rodela Romero, are based on four days of trading in the Mean of Platts Singapore (MOPS) and reflect a significant “major oil price shock” stemming from the escalating Israel-Iran conflict.
The conflict’s potential disruption of critical global shipping passages, particularly the Strait of Hormuz, is cited as the primary driver of this expected price surge, underscoring the vulnerability of the global oil market to geopolitical instability.
President Ferdinand “Bongbong” Marcos Jr. has acknowledged the impending price hike and confirmed the government’s intention to provide fuel subsidies to mitigate the impact on consumers.
The President’s statement indicates a proactive approach to addressing the potential economic hardship caused by the rising fuel costs, referencing previous fuel subsidy programs implemented during the pandemic.
While the details of the new subsidy program are yet to be fully announced, the President’s assurance offers some relief to motorists and the public who are likely to experience a significant increase in transportation costs.
The government’s response highlights the need for careful management of the situation and the importance of providing support to vulnerable sectors of the population during times of economic uncertainty.
metrosundaily
