DOE warns motorists of highest fuel spike this year

By Alvin Elchico, ABS-CBN News

Posted at Jun 23 2014 02:23 PM | Updated as of Jun 24 2014 01:38 AM

MANILA, Philippines – The Department of Energy (DOE) has warned motorists to watch out for the highest spike in fuel prices for the year.

Sources from the industry claimed over the weekend that diesel and gasoline prices are likely to go up from P1.20-P1.40 per liter, and kerosene by around P1.50 per liter.

Energy Undersecretary Zenaida Monsada said if these price increases are indeed happening, these are indeed the highest price increases for diesel and gasoline this year.

The biggest spike as of today is still February's increase of P1 per liter for gasoline. If the spike is P1.40 per liter for both, the total net adjustments since the beginning of the year for gasoline is P1.40 (increase) and for diesel is P0.80 (reduction).

According to Monsada, based on estimates, the spike is not likely to reach P1.50 per liter.

Monsada said the DOE will no longer ask oil firms to implement the spike in tranches since this will appear that there are many upward adjustments in a week's time.

Meantime, transport leader Efren de Luna of ACTO said the P0.50 hike for jeepney fares is useless amid the possibility of higher fuel prices.

De Luna said his group will study the possibility of asking for another P1.50 additional hike in fare to cover for higher fuel costs.