It will be financially burdensome for consumers again at the petroleum pumps this week, as the price of gasoline products will substantially rise by P1.60 per liter; while diesel will be up by P1.10 per liter, according to the pricing advisories sent by the oil companies.

Additionally, the price of kerosene products, which is a vital commodity for the aviation sector as well as other key industries and even households, will climb by P1.05 per liter.

As of this writing, the industry players that already advised on their price hikes effective Tuesday (February 20) had been Shell Pilipinas Corporation, Seaoil and Cleanfuel; while the other oil firms are anticipated to heed the price trends set by their rivals.

Prior to this round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that aggregate price adjustments since the start of the year accrued to increases of P4.45 per liter for gasoline; P4.30 per liter for diesel; and P0.45 per liter for kerosene.

Last week’s escalation of prices in the world market, which had essentially driven up international benchmark Brent crude prices beyond the $82 per barrel mark, was generally linked to renewed intensity of friction in the Middle East – that was following new wave of attacks by Israel on the Houthi and Rafah militants.

Adding up to the pressure had been the decision of some members of the Organization of the Petroleum Exporting Countries (OPEC) and ally-producers to curb production – primarily for Russia; then for Saudi Arabia due to its energy transition goals.

Within the Asian market, the aggravating factor had been the continued shutdown of refineries – primarily in South Korea and Malaysia – for their maintenance activities.

Given this week’s hefty price hikes, Bayan Muna Chairman Neri Colmenares has revived calls for the oil companies to unbundle or segregate all cost items that they have been passing on to consumers at the domestic pumps.

In line with that, he is urging Congress to work on speedy deliberations and eventual passage of House Bill 3004 or the proposed Unbundling of Fuel Prices Bill, as that is seen to be the ultimate measure that could inject transparency when it comes to fuel pricing in the country.

As emphasized by Colmenares, “the price of fuel in gas stations consist of international price, local cost and net profit. Oil companies do not unbundle and divulge the details of their local cost making it difficult for the public to see their overcharges in price per liter here.”

He thus noted “Congress should fast track House Bill 3004 so that consumers would finally see the oil pricing processes. This is all in the spirit of transparency, especially to ordinary already economically burdened consumers.”

Price unbundling had been recurrently advocated for in the past, but that was being opposed by the oil companies, citing reasons such as ‘trade secret’ and other business practices purportedly being violated in the process if they will be itemizing all of their cost components.

In reviving the price unbundling policy precept, Colmenares similarly put forward a call on the DOE “to be more proactive and support this bill. They can even lobby to the President to classify this legislation as urgent along with other bills that would stop or at least mitigate oil price hikes.”

He further asserted “it would not do that it is as if they are the spokesperson of the oil companies announcing and justifying  the oil price increases.”