DOE Announces New Fuel Price Hike Effective Tomorrow
The Department of Energy (DOE) has officially announced a new round of price increases for petroleum products, effective tomorrow, Tuesday, March 24. This announcement comes as global market conditions continue to influence local fuel costs, with significant adjustments across multiple fuel types.
Specific Price Adjustments Detailed
According to Energy Secretary Sharon Garin, gasoline prices will see an increase of P6.47 per liter. For diesel, the oil price hike will amount to P11.88 per liter, while kerosene prices will rise by P13.66 per liter. These adjustments reflect ongoing volatility in international oil markets, though Secretary Garin noted that petroleum product prices have shown some slight moderation globally in recent days, with fewer increases compared to previous periods.
Call for Staggered Implementation
The Energy Department continues to urge oil companies to implement staggered or gradual increases in petroleum product prices. However, Secretary Garin acknowledged that some companies may find it challenging to adopt this approach due to daily price fluctuations driven by ongoing unrest in the Middle East, which could impact their revenue streams if not adjusted promptly.
Fuel Stockpile and Supply Outlook
In related developments, Secretary Garin confirmed that the current fuel stockpile is expected to last until the first week of May, coinciding with the arrival of additional deliveries. This stockpile management aims to ensure supply stability amid the price adjustments and global market uncertainties.
