DOE not seeing another P7 increase in oil prices in next two months | Inquirer News
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DOE not seeing another P7 increase in oil prices in next two months

/ 09:54 AM October 20, 2021
As prices of gasoline and other petroleum products continue to hammer consumers, Energy Secretary Alfonso Cusi said Wednesday he is not seeing oil prices to spike by another P7 in the next two months.

Energy Secretary Alfonso Cusi. INQUIRER FILE PHOTO

MANILA, Philippines — As prices of gasoline and other petroleum products continue to hammer consumers, Energy Secretary Alfonso Cusi said Wednesday he is not seeing oil prices to spike by another P7 in the next two months.

Cusi, however, said it still depends on the developments in the global market.

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“Praying and hoping. And based on the indication, the fundamentals we are seeing, hindi mangyayari (this won’t happen),” Cusi said when asked in an interview with ABS-CBN News Channel if he sees oil prices to increase by another P7 in the next two months.

With the rise in the demand, prices of gasoline and other petroleum products have gone up by more than P7 a liter in less than two months. On Tuesday, local oil companies raised diesel prices by P1.50 a liter and gasoline by P1.80.

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Cusi said the Department of Energy (DOE) has asked local oil companies to provide discounts to motorists.

The DOE is likewise in discussion with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) regarding the provision of subsidy to aid public utility vehicle (PUV) drivers affected by the oil price hike, said Cusi.

The DOE is also eyeing the possibility of suspending excise tax on gasoline and petroleum products, Cusi said.

“The OPEC (Organization of the Petroleum Exporting Countries) is increasing the production by 400,000 barrels a day, so that that would help na more or less na hindi na masyadong tumaas ang presyo ng langis (that the increase in oil prices would not be too high),” Cusi said.

Since the start of the year, diesel and gasoline prices have seen a net increase of P18 per liter and P19.70 per liter, respectively.

In Metro Manila, prices currently range from P42.50 to P54.17 a liter of diesel and P49.50 to P70.44 for unleaded gasoline. Prices are much higher in farther areas such as Northern Luzon wherein diesel prices stand at P44.85 to P69.05.

JPV

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TAGS: Alfonso Cusi, DoE, Gas Prices, Oil price hike
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