Oil firms to implement staggered price hikes amid Middle East conflict
A pump nozzle delivers delivers fuel into a vehicle’s tank. INQUIRER PHOTO / NIÑO JESUS ORBETA
MANILA, Philippines — Local oil firms have agreed to a staggered implementation of price increases at the pump. This, as petroleum prices continue to rise amid the escalating conflict in the Middle East, according to the Department of Energy (DOE).
The DOE said it met with oil firms on Monday to soften the impact of impending hikes on consumers.
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“Our dialogue with industry players today reflects our shared commitment to balance economic realities with the need to shield our people from sudden price shocks. We are pleased to report that they have responded positively to our request,” DOE officer-in-charge Sharon Garin said in a statement.
Garin noted that the hefty price movements would be “distribut[ed]… over a more manageable period.”
Local players are set to submit their implementation scheme before 6 pm on Monday.
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Companies that took part in the discussion include Petron, Shell, Caltex, Jetti, PetroGazz. There were also Insular, Phoenix, PTT Philippines, Seaoil, Total, Unioil, Filpride, Cleanfuel.
Estimates from industry sources showed that this week’s pump prices could go as high as P5.10 per liter.
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