Motorists, businesses, and commuters are getting burdened by skyrocketing fuel prices in the Philippines. The cost of fuel will affect everything in the country from the price of essential goods and also services.
From commercial vehicles, pickups, and SUVs powered by diesel, to standard gas-powered sedans, hatchbacks, and crossovers, motorists are indeed feeling the crunch of this uptrend.
In less than two months, fuel prices have hiked up to nearly extortionate levels. With a net increase of about P7 per liter in less than two months for gasoline, and over P8 for Diesel, many Filipinos are taking notice of the increase. Even kerosene isn’t exempt from the change.
The market is currently facing an uptrend in prices, continuously rising every week. Diesel’s not at about P50 per liter, while unleaded gasoline now goes for as high as P70 per liter. It’s hard to imagine that we were able to experience gas and diesel prices at around the P40 to P50 range earlier this year. Take us back!
According to the Inquirer, fuel prices are ballooning because of some bad weather in the Gulf of Mexico. The happenings over there in the West have disrupted petroleum production. In addition to that, other exporting countries did not announce plans to increase output, as is the case with the Organization of Petroleum Exporting Countries Russia.
In light of this, and with regard to the dependence of millions of Filipinos on fossil fuels, the Department of Transportation (DOTr) mentioned on Monday that it will be looking into fuel subsidies and direct aid for public utility drivers and passengers as to avoid fare increases in light of the currently-recovering workforce amidst the COVID-19 pandemic causing multiple ripples in the job market, and Philippine economy as a whole.
This will be on top of already-existing discounts for PUV drivers who present their vaccination cards at selected stations.
It appears that commuters will get a bit of a break amidst this fuel price hike, however, the private vehicle sector will need to endure.