MOTORISTS can expect either pump price rollbacks or hikes for gasoline today while hikes are already definite for both diesel and kerosene, based on the permitted range of adjustments prescribed by the Department of Energy (DOE).
According to the DOE, below are the permitted adjustments per liter for the week starting July 14:
* gasoline: rollback of up to P1 or hike of up to P1
* diesel: hikes ranging from P2.62 to P4.62
* kerosene: hikes ranging from P2.22 to P4.22
The actual price adjustments will vary per fuel retailer, and will take effect today.
“For the recent days, there are still growing tensions in the region. In particular, threats to navigation through the Strait of Hormuz have underscored the vulnerability of one of the world’s most critical energy trade corridors, pushing upward pressure on international crude oil prices and consequently, affected po tayo,” DOE Secretary Sharon Garin said at a virtual briefing.
US and Iranian forces exchanged missile and drone assaults across the Gulf on Sunday, prompting the closure of the Strait of Hormuz.
For the following week, Garin said the DOE may do away with the range and just prescribe minimum or maximum adjustments as global prices remain volatile.
“Next week, if things are still volatile, then we will prescribe wala na po ‘yung range, kundi ‘yung definite amount whether maximum or minimum, whether it’s rollback or hike,” she said. (GMA News)
