DOE: Smaller Oil Price Hikes Expected as Fuel Supply Remains Stable Until May
MANILA, Philippines — Commuters and motorists in the nation’s capital woke up to a staggering reality this morning as fuel prices skyrocketed to historic highs. Following a massive "one-time big-time" price hike, diesel prices in Metro Manila have officially breached the P140 per liter threshold.
Department of Energy (DOE) Secretary Sharon Garin confirmed the unprecedented surge, noting that diesel prices climbed by P15 to P18 per liter overnight. This adjustment pushes the cost of regular diesel beyond P130, while premium diesel variants have reached as high as P144.20 per liter.
The hike isn't limited to diesel. Other petroleum products followed suit:
Gasoline: Increased by P8 to P12 per liter.
Kerosene: Saw the steepest jump, ranging from P12 to P22 per liter.
Despite the jarring costs, Secretary Garin sought to ease fears of a total fuel shortage. According to latest DOE data, the country’s current petroleum inventory is sufficient to last until the first week of May.
"There is no need to declare a national crisis at this time because we have an adequate supply," the DOE stated. "The challenge is the price, not the availability."
The government maintains that as long as the supply chain remains intact, the focus will stay on monitoring price implementation rather than rationing.
Comparison of Price Adjustments
The sudden spike is expected to trigger a domino effect on the cost of basic goods and public transport fares. Transport groups have already expressed alarm, noting that the "one-time" nature of the hike leaves little room for drivers to adjust their daily budgets.
For now, the DOE continues to urge oil companies to provide discounts to the transport sector to mitigate the impact on the riding public.
Screen Capture from DOEgovph/YouTube
Screen Capture from DOEgovph/YouTube