Grabe ang Taas! Double-Digit Pump Price Hikes Hit Filipino Motorists for 9th Straight Week
Filipino motorists are bracing for yet another brutal week at the pumps as oil companies roll out double-digit price increases starting Tuesday, March 10 — marking the ninth consecutive week of gasoline hikes and the 11th straight for diesel and kerosene.
According to the Department of Energy (DOE), gasoline prices are set to jump by P7.00 to P13.00 per liter, diesel by a staggering P17.50 to P24.25, and kerosene by P32.00 to P38.50. The massive increases are being driven by the closure of the Strait of Hormuz — the world's most vital oil export route between Iran and Oman — amid the escalating conflict involving the United States, Israel, and Iran.
Energy Secretary Sharon Garin explained the spike using the concept of "replacement cost," meaning fuel prices reflect what it currently costs to buy new stock, not the price when the shipment originally arrived. "Imagine if we still stay with the price two weeks ago, wala silang perang pambili ng bagong stock," Garin said during a virtual briefing.
The DOE is working with the DILG and PNP to intensify monitoring against hoarding and profiteering after receiving reports of irregularities in Luzon and Mindanao. Meanwhile, the government is rolling out fuel subsidies for public transport operators, farmers, and fisherfolk, plus free bus rides to cushion the blow. President Marcos has also floated the idea of temporarily suspending excise taxes on petroleum products.
Just last week, pump prices already rose by P1.90 per liter for gasoline, P1.20 for diesel, and P1.50 for kerosene. With no end to the Middle East crisis in sight, experts warn that prices could climb even further in the coming weeks.
Source: GMA News Online
