It will be distressing in consumers’ pockets to pass through gasoline stations to fill up their vehicles this week as the price of diesel will rise byP1.05 per liter, while gasoline prices will also climb by P0.90 per liter, as announced by oil companies.
Conversely for kerosene, which is a base fuel for the aviation industry and also an essential commodity in many Filipino homes, this will have a marginal reduction of P0.25.
Based on a monitoring report of the Department of Energy prior to this round of adjustment, the constant seesaw of prices at the domestic pumps since the start of the year resulted in a net increase of P5.10 per liter for gasoline; while overall downtrend had been logged for diesel at P2.15 per liter; and a marginal P0.25 per liter for kerosene.
Apart from market forces, the fresh round of devaluation of the Philippine peso versus the US dollar also contributed to the escalation of the two major commodities – gasoline and diesel; because the oil companies have been using US dollar as a currency in procuring oil supply being brought into the country.
That particular step to be taken by Russia portends tightening of supply, hence, it had sent prices on another round of spiral in global trading.
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