Gas prices have continued to increase for a couple of weeks now. Already high as it is, the Department of Energy (DOE) is asking motorists to report gas stations that are charging “unreasonable” prices.
In a press conference, DOE Undersecretary Gerardo Erquiza Jr. said that they’re trying their best to prevent gas stations from taking advantage of the current extreme fuel price hikes.
Related
As per Erquiza, there’s an ongoing spike in oil demand due to the surge in economic activities as the country eases restrictions.
Rino Abad, director of the Oil Industry Management Bureau, said that the nationwide price for gasoline should only be between Php60 to Php83 per liter, Diesel should be around Php52 to Php65 per liter and kerosine around Php61 to Php68.
While we don’t directly get our crude oil supplies from Russia, local gas prices could still be affected by the recent Russia-Ukraine conflict. It’s said that the processed fuel coming to the Philippines came from Japan, China, and South Korea. These sources are the ones who get their crude from Russia.
While there’s still enough supply, the DOE is encouraging the people to be conservative on their consumption.
“We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East, and finished products from Asia-Pacific. However, the impact of the Ukraine crisis on international oil markets does have a direct effect on our prices. (We must) observe energy efficiency and conservation measures during this critical period,” says the DOE.
In an attempt to ease the effects of continuous price hikes on the people, the energy department is proposing a couple of measures like the suspension of the excise tax on oil and a couple of amendments to the Oil Deregulation Law.