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Manila Bulletin devider Philippines devider National devider Soaring pump prices show Pinoys' vulnerability to volatile int'l oil market--Palmones

Soaring pump prices show Pinoys' vulnerability to volatile int'l oil market--Palmones

Published Feb 10, 2022 08:51 pm

Former AGHAM Party-list Rep. Angelo Palmones finds the continued pump fuel price hikes in the early part of 2022 very concerning as it shows the vulnerability of Filipino consumers to the volatile international oil market.

(MANILA BULLETIN)


“Fuel prices are continuously increasing and consumers are left with no choice but to pay more for oil. It’s not just the motorists who are bearing the brunt, but also other industries whose cost of production and operations are affected by higher oil prices,” Palmones said in a statement.

As such, he said there is a need to protect Filipino consumers from the volatility of international oil prices.

Data from the Department of Energy (DOE) as of Feb. 1 showed that since the start of the year, gasoline prices have increased by P5.70 per liter, diesel by P7.95 per liter, and kerosene by P7.20 per liter.

Prevailing retail pump prices in National Capital Region (NCR) go as high as P77 per liter for gasoline, P63.60 for diesel, and P66.59 per liter for kerosene, according the the DOE’s latest monitoring.

Yet to be factored in is the sixth consecutive increase this year, which ranges from P1 to P1.20 per liter, that was announced by oil companies this week.

Palomes said that, as an oil importing country, the Philippines is exposed to the effects of international oil price movements, which have been on the uptrend due to disparity in supply and demand, and the geopolitical tensions between Russia and Ukraine.

AGHAM--which stands for Alyansa ng mga Grupong Haligi ng Agham--highlighted the importance of implementing long-term solutions that will protect consumers from the volatility of global market prices.

“We remain heavily reliant on imported fuel and the only way to shield consumers from the volatile international prices is to develop our own sources,” said the ex-congressman, adding that AGHAM has been pushing for the more oil and gas explorations in the Philippines.

Related Tags

angelo palmones PRICE HIKE pump prices AGHAM 21022 volatile vulnerability oil market pump fuel International
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