The Department of Energy (DOE) expects a continued fuel price hike this week. This double-digit price hike is due to the major petroleum supply shortage, causing each fuel barrel to cost as high as $139.
Energy Secretary Alfonso Cusi told The Source that a ₱7 increase for gasoline is expected this week. The price hike for diesel is expected to be less that ₱12. The higher increase in diesel prices is due to its bigger demand in the Asian market.
Cusi disclosed that they met with key industry players to discuss a staggered increase in prices, but the request was rejected.
Instead, the industry leaders brought up the high cost of restocking their fuel inventory. Cusi revealed that they are asking the government for financial support. Cusi said that this will be discussed with the Department of Finance.
“We have to look at it in a bigger picture. We need to bring in the supply to the country and we have to make sure that our industry players will be able to continue to do that,” Cusi expounded.
Cusi said that they have arranged a meeting with President Duterte and economic managers to examine the issue. He underscored that they will appeal to suspend fuel excise tax to soften the financial blow to affected sectors.