FOR the night straight week, local pump prices are set for another massive hike this week, as global tensions worsen.
Unioil Philippines, in its forecast, bared that diesel prices are expected to increase by P0.80 to P0.90 per liter and gasoline by P0.90 to P1 per liter.
This would push up the net increase of pump prices to over P10 per liter since the start of the year.
So far, gasoline prices have increased by P8.75 per liter, diesel by P10.85 per liter and kerosene prices by P9.55 per liter.
Last week, the Brent breached the $105 per barrel level – the first time since 2014 – after Russia invaded Ukraine.
Oil prices were further pushed up by the ongoing shortage production of the Organization of Petroleum Exporting Countries and its allies or OPEC+.
In Bohol, some pumping stations are announcing the next pump price increases next week in the following: Gasoline P0.90-P1.00/L ; Diesel P0.70-P0.80/L; and Kerosene P0.70-P0.80/L, according to Gas Price update in the Philippines fb post.
It quoted experts as saying that “Prices at the pump are ultimately dependent on the global oil market, and Russia is the third largest oil producer in the world. While Russia mostly exports its oil to Europe, any disruption to the market and the world’s oil supply would be felt across the globe.”
“Oil supply could be impacted in two ways if fighting breaks out: The U.S. could impose sanctions on Russian energy exports, and any conflict within Ukraine would also disrupt the flow of oil. The role that Ukraine plays is primarily as a transit state through which Russian energy products can move,” quoting Gregory Brew, a Kissinger Fellow at Yale University who specializes in security studies and global affairs, as saying.
Oil prices in U.S.A. now hit P100/barrel hours after the invasion and just this morning a liter of gasoline now cost 1.75 euro in the regions in Europe, reports said.
This paper monitored prices of gasoline and diesel in many parts of the province lately. Some of the costliest are now prevailing in northern part where it used to be the cheapest in pre-Odette scenario.
The rates of prices range from P65/liter of gasoline (unleaded) up to P69.75/liter. Premium gas is sold at a difference of 70 to 80 centavos per liter of unleaded one, while diesel, sold with a difference of between P7.00 and P9.00 /liter compared to unleaded.
Officials and netizens alike expressed almost the same sentiment of what is expected in the days to come as the Russian invasion is still raging with scores of deaths and destruction.
Congressman Aris Aumentado, a gubernatorial candidate, has this to say: “Most likely kay ang mga buyer sa Russia maki sawsaw na sa uban supplier kay magubot ang Russia.” (It is most likely since dealers of Russia would meddle with other suppliers because of the conflict).
Former Bohol Vice-Gov. Julius Herrera said that it may not cause worry since Philippines gets it supply from Middle East. But hoarding is expected, he added.
“Yes including flour, fertilizer and steel!” Benjie Oliva, a Catigbianon, who a nominee of the KOOP_KAMPI party-list seeking for a seat in Congress in May 9, 2022 elections.
Roque Vano sad “Yes’ as his answer to a query if the war broke out in Ukraine, oil prices will shoot up.
But for Rainero Bautista the increase may not happen. “In the Philippines no justification exist for the increase of prices because we are not actively part of the war. Thus with no increase in the total consumption of oil no increase of prices is expected. An increase if any becomes leery.”
Other facebook users said of the uncontrolled hike of petroleum products:
Maribel Gasque: Samot Jud na mosaka. Magkalisud na pud ang mga pobre Sana NATO ba?
“Mingsaka na gani,” (It’s already gone up), said Monyth Lustre.
Ung kakatapos lang natin sa Omicron..my bago na naman banta sa atin..pag taas ng Gasolina…hayz Lord please help us and help the people of Ukraine..kawawa po mga madadamay..please include them in your prayers!! Olivine, said Obedencio Ramos.
Nagiel B. Bañacia said “#WAR is man made Disaster. Ang gubat sa nasud sa Ukraine ug Russia makasamot sa kalisud sa atong panginabuhi ilabina sa mga kabus nga nag hinay-hinay na unta ug bangon human mabiktima sa Bagyong Odette ug sa pandemia sa Covid-19. Bisan kung layo ra ang gubat, apiktado kitang tanan kay mas momahal paman ang presyo sa gasolina, krudo ug uban pang paliton.”
Priscilla Richards, who is based in USA but responded to the query had this to say: “Yes it will go up in the Philippines, Because states ever since that idiot took the reins gas has soared sky high! Total BS!
Dominic Butalid, a candidate for provincial board member in 1st district, said “Brent Crude is $105 per barrel. Brace for higher gas prices.”
WARNING
The Department of Energy earlier warned of further oil price increases amid escalating concerns in the international market. This as the country imports majority of its oil requirements overseas.
Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) urged the Department of Budget and Management (DBM) to fasttrack the release of the funds for its fuel subsidy program as oil prices continue to soar.
LTFRB executive director Maria Kristina Cassion said they already submitted all pertinent documents related to the fuel subsidy, such as the list of beneficiaries, to the DBM.
She explained during a Laging Handa press briefing that the fuel subsidy program is essential in addressing the needs of the public transport sector.
The Department of Transportation earlier requested at least P2.45 billion to fund the fuel subsidy for around 377,443 public utility vehicle (PUV) drivers. Given this, the LTFRB said each beneficiary will receive P6,500.
Apart from expediting the release of the funds, the transport regulator is also urging the DBM to be liberal in the interpretation of a special provision in the 2022 national budget. (with reports from Emmanuel Tupas & RVO)
