MOTORISTS are advised to brace for a major spike in pump prices as petroleum companies implement a heavy fuel price increase effective today, September 22.
According to preliminary estimates from the Department of Energy (DOE), domestic fuel prices are projected to rise significantly across all major categories:
* diesel: P8.82 per liter
* kerosene: P6.47 per liter
* gasoline: P4.88 per liter
The sharp upward adjustment stems from global supply constraints following a drone attack that forced the shutdown of Saudi Arabia’s East-West crude oil pipeline, also known as Petroline.
DOE Oil Industry Management Bureau (DOE-OIMB) director Rino Abad noted that assessing and repairing the infrastructure damage alone could take three to five weeks, restricting key oil delivery routes and driving up international market rates.
To cushion the immediate impact on consumers and the transport sector, Abad stated that the DOE may appeal to petroleum companies to stagger the price increases over multiple phases rather than imposing the full hike in a single adjustment./PN
