IT may not be a merry Christmas for motorists as oil companies announced that there will be price adjustments in gasoline, kerosene, and diesel on Tuesday. Shell Pilipinas and Cleanfuel, in an advisory on Monday, stated that they will increase gasoline and diesel prices by P1.60 per liter and P1.70 per liter, respectively. Additionally, Shell mentioned that kerosene will inch up by P1.54 per liter. These price movements are attributed to high freight and premium costs, as stated by the companies.
Last week, oil companies implemented reductions in the price of kerosene by P1.40 per liter and raised the cost of diesel by 10 centavos per liter. The Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) predicted the estimated adjustments this week based on the four-day trading. DoE-OIMB Director Rodela Romera had previously mentioned that gasoline and diesel prices would go up between P1.40 and P1.60 per liter this week, while the cost of kerosene would likely increase between P1.60 and P1.80 per liter.
The recent surge in oil prices can be attributed to various factors. One of the reasons is the growing avoidance of the Red Sea by oil companies and tanker owners due to increased attacks on vessels in the region by a rebel group. This has led to higher freight costs, which are now being passed on to consumers. Additionally, the ongoing Israel-Hamas war has also played a role in the price adjustments. Talks over a potential ceasefire and unexpected buildup in US crude stockpiles have tempered the adjustments to some extent.
While the price adjustments affect all motorists, jeepney drivers will be particularly impacted by the impending fuel price hike. Jeepneys, a popular mode of public transportation in the Philippines, mostly run on diesel fuel, which is set to experience the highest increase on Tuesday. With the consolidation of public utility vehicles, jeepney drivers will face increased operating costs, potentially affecting their livelihoods.
It is important for motorists to be aware of these upcoming price adjustments and plan accordingly. As the holiday season approaches, it is advisable to consider alternative modes of transportation or carpooling to minimize the impact of the fuel price hike. Additionally, practicing fuel-efficient driving techniques, such as maintaining proper tire pressure and avoiding excessive idling, can help stretch each liter of fuel further.
It is worth noting that fuel prices are subject to fluctuations based on various factors, including global oil prices, geopolitical tensions, and local market conditions. Staying informed about these factors can help motorists better understand the reasons behind price adjustments and make informed decisions regarding their transportation needs.
In conclusion, motorists in the Philippines are bracing themselves for a less merry Christmas as oil companies announce price adjustments in gasoline, kerosene, and diesel. The increase in fuel prices is influenced by various factors, including higher freight costs and ongoing geopolitical tensions. While all motorists will be affected, jeepney drivers, who rely heavily on diesel fuel, will face the greatest impact. Being aware of these adjustments and considering alternative transportation options can help mitigate the effects of the fuel price hike during the holiday season.
Source: The Manila Times
