GASOLINE and diesel products have increased prices more than 20 times since January of this year, said Director Nilo Geroche of the Department of Energy - Mindanao Field Office on Wednesday, October 12.
During the Wednesdays Media Forum, Geroche said DOE has recorded 244 increases and 15 rollbacks for gasoline products. For diesel products, there have been 23 recorded increases and 18 rollbacks, the same goes for kerosene products.
The highest price hike imposed for gasoline products was P14.75 last March 15, 2022,
This year, the highest price hike imposed among the three was on March 15, 2022 wherein gasoline had an increase of P7.10, diesel increased P13.15, and kerosene increased P10.50.
“Ito yung kasagsagan ng Ukraine-Russia war (This high increase was during the peak of the Ukraine-Russia war),” Geroche said.
However, the price of diesel products increased the most compared to gasoline and kerosene.
In total, Geroche said diesel had a total net increase of P35.80 since January, while kerosene increased P26.75 and gasoline increased P14.75.
The latest oil price hike was recently implemented on Tuesday, October 11. Per liter, diesel products increased P6.85, gasoline increased P1.20, and kerosene increased P3.50.
The government has no say in the increase and rollback of prices because as per Geroche, the oil industry is not regulated which means the private oil sector dictates the prices based on the current situation in the world market.
“The oil industry has been deregulated already since 1998 so the government no longer sets or intervenes in the setting of prices. Therefore the oil industry players have the liberty,” he said.
Geroche added that price adjustments are usually implemented on a weekly basis - particularly Tuesday but oil companies can still implement the adjustment ahead or later than the said day.
“Most of the players have been given the liberty kung kailan sila pwede mag adjust ng prices (of when they implement the adjustment),” Geroche said. ICM