Diesel prices seen to go up by P12/liter next week in another huge oil-price hike

ABS-CBN News

Posted at Mar 12 2022 12:45 PM | Updated as of Mar 12 2022 04:26 PM

Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022, as the firm rolled back their fuel prices amid rising fuel costs due to the Ukraine-Russia conflict. Fuel prices are expected to further increase the following week. Mark Demayo, ABS-CBN News
Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022, as the firm rolled back their fuel prices amid rising fuel costs due to the Ukraine-Russia conflict. Fuel prices are expected to further increase the following week. Mark Demayo, ABS-CBN News

MANILA (UPDATE) —Diesel prices could soar by as much as P12 per liter, as another price hike on oil prices looms on Tuesday, according to industry sources. 

This is the 11th straight week oil prices continued to soar, as tensions between Ukraine and Russia persist. 

Diesel prices are estimated to increase by P11.80 to P12 per liter, while gasoline could soar by P6.90 to P7.20 per liter. 

Kerosene, meanwhile, could go up by P9.70 to P9.80 per liter. 

Industry players previously pegged that the diesel often used by public utility vehicles could increase by as much as P14 per liter, but would decrease if trading weakened. 

Government is set to distribute P6,500 worth of fuel subsidy for public transportation drivers. But transport groups have said this may just be a temporary solution. 

Instead, they proposed scrapping the existing excise tax imposed on gasoline products, which the country's economic and finance managers have so far rejected. 

Meanwhile, presidential candidate Panfilo "Ping" Lacson said the fuel subsidy for drivers should be handed out as soon as possible, as transport groups started planning strikes to protest the spikes in gas prices and the supposed lack of action towards the minimum fare. 

"May karapatan kayong kumaha doon sa fuel subsidy dahil rinelease ngayon ng (budget department) papunta sa transport sector. Kasi ’yung iba hindi nila alam. So maliwanag naka-specify, taxi, PUV, tapos tricycle drivers, nakalagay na wala nang kawala," Lacson said. 

He added: “Kung hindi bibigay sa kanila ang kanilang gusto na taasan ang fare talagang mag-iistrike sila kasi hindi na kakayanin wala na silang pang-uwi sa pamilya nila."