Motorists brace for fuel price surge on SONA week
Motorists are expected to rush to gasoline stations on Monday, July 27, to beat another round of steep fuel price increases taking effect on Tuesday, July 28, with the anticipated queues likely adding to traffic on the day of President Ferdinand R. Marcos Jr.’s fifth State of the Nation Address (SONA).
Effective Tuesday, select oil companies such as Unioil Philippines, Jetti Petroleum, and Petro Gazz are set to raise diesel prices by ₱7.30 per liter and gasoline prices by ₱6.80 per liter.
The Department of Energy (DOE) has yet to confirm the prescribed price adjustments for the week, while current inventory levels remain undisclosed as of this writing.
Last week, gasoline (RON95) averaged ₱71.80 per liter, diesel averaged ₱88.40 per liter, and kerosene averaged ₱117 per liter.
Energy Secretary Sharon Garin earlier said the DOE is preparing for any new presidential orders by the time of Marcos’ penultimate SONA. The DOE chief emphasized that the country’s oil situation will likely be highlighted in this year’s SONA, as the government and state-run sovereign wealth fund (SWF) manager Maharlika Investment Corp. (MIC) work on increasing the nation’s fuel inventory to shield it from global oil market volatility.
The DOE is also awaiting action from the Senate on amendments to the Oil Industry Deregulation Law, which would give the agency the power to prescribe price adjustments and other measures during energy emergencies and direct government-wide assistance to secure a stable fuel and energy supply, among others.
Senate President Sherwin Gatchalian said the Senate plans to prioritize the proposed amendments as soon as possible.