Diesel Prices to Increase by the Double-Digit This Week

Fuel prices are set to rise for the 11th consecutive week.

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(SPOT.ph) Motorists will have to brace for yet another price hike as authorities expect prices to shoot up again this week. Unioil Petroleum Philippines pegged the hike at around P12 for diesel and at most P7 for gasoline starting Tuesday, March 15. The Department of Energy, meanwhile, pegs the numbers at a little less. 

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"Rough week again for the oil industry" commented energy secretary Alfonso Cusi on CNN's The Source. It will be the 11th consecutive week of fuel-price hikes in the Philippines; Prices across the globe have continuously soared amid Russia's invasion of Ukraine. 

Department of Energy comments on continuing fuel price hikes in the Philippines:

"That is the projection. Less than P12 for diesel and less than P7 for gasoline," Cusi said on The Source. The energy chief confirmed that yes, we are looking at a double-digit increase for diesel starting Tuesday. "Masyadong mataas ang increase but we cannot do anything about the price because it's really dictated by the world market."

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"We are reviewing the pricing policy, the pricing formula that is being used and reviewing the fuel-value chain, finding ways to bring down the pump price," he said. The energy department has brought up the idea of a staggered pricing hike to oil companies, but "they are not receptive to it." Cusi added that the companies have already asked government for financing help themselves.

"As we have asked our consumers to do conservation, we are also asking our industry players to sacrifice and take a cut," said the chief. Fuel subsidies for Public Utility Vehicles will be rolled out starting March 15.

Diesel and gasoline prices were playing at the P60 and P70 range on the week of March 7. Reports state that at this rate, fuel could reach up to P100 per liter.

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