DOE appeals to oil firms’ corporate social responsibility to implement more discounts, stagger price increase
(Eagle News) — Oil firms implemented the biggest price hike this year so far on Tuesday, March 15, with gasoline prices rising as much as P7.10 per liter, diesel prices by P13.15 per liter, and kerosene prices by P13.15 per liter.
This is the 11th straight week of oil price hikes due to continuing Russia-Ukraine tensions that further hurt motorists’ pockets and putting more stress to drivers, commuters, and other consumers. The price hikes brought the price of gasoline to between P75 to above P84 per liter, and diesel to about P80 per liter, depending on the previous oil prices of the various gas stations across the country.
Various oil companies already issued advisories the day before about the price adjustments that took effect at 12:01 a.m. for Caltex and Cleanfuel, and at 6 a.m. for the other oil companies.
-Reaction to global oil prices-
The Department of Energy (DOE) noted how the global oil markets’ reaction to the Russia-Ukraine conflict, particularly the reported banning of oil coming from Russia as part of the sanctions of US and Europe, has had an immediate effect on local pump prices.
“Ibig sabihin dahil po sa pangyayaring iyon nag-react na po iyong merkado, tumaas na po kaagad sumipa po iyong presyo. Kaya, whatever iyong pangyayari doon sa international market magri-reflect lang po dito sa ating pump price,” said DOE Assistant Director Rodela Romero in a Laging Handa press briefing on Monday, March 14.
As to the question if the price increase would continue in the following weeks, Romero said that this could not be ascertained for now because of the oil markets’ volatility.
Romero appealed to the oil companies sense of “corporate social responsibility” to implement measures to help ease the consumers’ woes, such as discounts and the staggered implementation of price adjustments.
“Patuloy po iyong pag-apila natin sa ating stakeholders, ang oil companies na hangga’t maaari patuloy po iyong ibigay nilang part ng corporate social responsibility nila, iyong mga discount po,” she said.
She noted that last week, there were oil companies which did not implement price hikes. One of these is Petro Gazz, which implemented a price rollback, two days after the price increase.
“So, hopefully makinig po iyong ating mga kasama sa industriya para maibsan kahit paano iyong bigat na nadarama natin,” the DOE official said.
(Eagle News Service)