New fuel price increase to take effect from tomorrow

Motorists may need to tighten their belts some more as oil companies are expected to impose a hefty price increase from tomorrow.“Expect fuel prices to go up again next week. Diesel should go up by P1.40 to P1.50 per litre while gasoline should increase by P0.70 to P0.80 per litre,” Unioil said in its advisory over the weekend.An industry source gave an almost similar projection, pegging an increase of P1.50 per litre for diesel and “at least 90 cent(avos) (per litre) for gasoline.”The price of gasoline, meanwhile, is anticipated to go up by P1.30 per litre to P1.40 per litre. Last week, oil firms raised the price of diesel by P1.35 per litre, gasoline by P1 per litre and kerosene by P1.10 per litre. The price adjustments increased the common price of diesel to P48.30 per litre, gasoline to P59 per litre and kerosene to P53.67 per litre, based on the Department of Energy’s (DoE) weekly oil price monitoring.As of October 2, oil companies had implemented a net increase of P10.70 for diesel, P10.40 for gasoline and P9.35 for kerosene, based on data from the DoE. With excise tax that took effect in January this year, the price of diesel has risen by P13.50, gasoline by P13.37 and kerosene by P12.71.Last week, the DoE said it is exhausting all options to mitigate effects of higher oil prices in the country.“We’ve been exploring higher and expanded fuel discounts to public utility vehicles, looking at nearby countries for lower priced supply and even went to unpopular options to ensure that consumers are protected from the impact of this global price situation,” Energy Secretary Alfonso Cusi said in a statement on Thursday. “Despite global forces affecting the country’s fuel prices, we are in constant communication with the oil industry players on how we can help the public amid the global oil situation,” Cusi added.The DoE assured the public it would closely monitor developments in the global market. Cusi earlier said the DoE is pushing for the importation of petroleum products as it is “one good measure to really help bring down the price of oil.”The DoE also wanted Congress to consider amending the Tax Reform for Acceleration and Inclusion (Train) Law to facilitate a halt to higher taxes on fuel products.“We are currently studying, going to the Joint Congressional Power Commission (JCPC) and asking the JCPC to … hold a hearing and ask for probably an amendment of the Train (Law) because otherwise, we will have to wait for three months before you can suspend the effectivity of the second round,” Energy Assistant Secretary Leonido Pulido 3rd said last Tuesday.