DOE: Another P1/liter fuel price hike this week

After being burdened with a P1/liter hike in fuel prices Tuesday, consumers may have to brace for another possible P1/liter price hike within this week. Energy Undersecretary Jose Layug Jr. said Tuesday's P1/liter hike – supposedly P2/liter – was fuel firms' "accommodation" of the government’s request to soften the impact of oil price hikes. “Based on our calculations, fuel prices increased by P2/liter this week. But we appealed to oil companies to at least soften the impact of the fuel price adjustments on consumers. At least they heeded our request. But we expect them to hike prices again within the week," Layug said in Filipino in an interview on dzBB radio.
On the other hand, Layug said the Energy Department has ordered oil companies to increase their inventory from 15 days to 30 days. “We have issued a circular instructing oil companies to increase their inventory from 15 days to 30 days so price adjustments will not be that frequent," he said. Last Monday, Phoenix Petroleum Philippines announced an increase in pump prices at P1.25/liter for gasoline and P1/liter for diesel starting 6 a.m. Tuesday. Chevron Philippines also increased by P1.25/liter its gasoline products, and P1/liter for diesel and kerosene. But Eastern Petroleum announced a P2/liter increase for all products effective the same time. Meanwhile, Layug appealed to Filipinos to start adopting conservation measures in the wake of the fuel price adjustments. He noted Filipinos already did this in 2008 in the wake of fuel price hikes at the time. “Ang aming pakiusap sa bayan medyo magtipid-tipid tayo maging efficient sa paggamit ng sasakyan. Nang sumipa ang presyo ng langis noong 2008, lahat nagtipid at car-pooling (We ask Filipinos to conserve fuel and be efficient in the use of their vehicles. When fuel prices went up in 2008, Filipinos went into car-pooling)," he said. — LBG/RSJ, GMA News