Motorists filling up their vehicles with diesel products will be pained anew with cost spikes at the pumps this week as the cost of this commodity will rise by P3.10 per liter, based on the announcement of the oil companies.

Gasoline products, on the other hand, will have leaner price hike of P0.80 per liter; while kerosene prices will increase by P1.70 per liter.

As of this writing, the industry players that already announced upward adjustments on their retail fuel prices effective Tuesday (June 21) had been Pilipinas Shell Petroleum Corporation,

Cleanfuel, Seaoil and Chevron Philippines; while their competitor-firms are all expected to follow their pricing leads.

The oil firms indicated that this week’s price escalation had been due to the combined impact of surging prices in the world market from last week’s trading outcomes; as well as the falling value of the Philippine peso versus the US dollar.

Based on the monitoring of the Department of Energy (DOE), the fuel price ranges prior to this week’s cost hikes had been at: P76.15 to P94.95 per liter for gasoline; P74.25 to P84.80 per liter for diesel; and P83.09 to P90.82 per liter for kerosene products.

According to experts, the astronomical rise in international prices may be sustained in the weeks and months ahead for as long as the Russia-Ukraine war would still linger; and the tightness of supply would persist as a dilemma for the global oil markets.

On the part of the Organization of the Petroleum Exporting Countries (OPEC), it has already reported below-the-target production level since May, and that was viewed as affirmation of possible conundrum on oil supply to markets moving forward.

For many of the African oil producers, it was similarly emphasized that several firms already declared ‘force majeure’ events; while Russian production was on deliberate decline because of the sanctions enforced by the member-countries of the European Union.

The prolonged surge in oil prices – which has been way above $100 per barrel since February – is seen squeezing the financial capacity of many consumers, especially for developing countries that have been importing most of their fuel requirements.

The Philippines is in that predicament because it has been lifting more than 90-percent of its oil requirements from offshore sellers at commercially-traded prices. And apart from swelling oil prices, the value of the Philippine peso has also been on downtrend versus the US dollar.

There are no definitive measures being laid on the table yet as to how the incoming Marcos administration will tackle soaring oil prices; and if the long-lobbied suspension of excise taxes will finally be concretized in the upcoming leadership of the government.