No assurance oil prices will go down – DOE

The Department of Energy (DOE) has indicated that there is no assurance fuel prices would go down in the coming weeks.

“Mahirap magproject ng presyo. Mahirap, hindi natin masasabi,” said DOE Undersecretary Felix William Fuentebella during a press conference in Iloilo City on Tuesday, Oct. 9.

This week, prices of gasoline, diesel, and kerosene went up by an average of more than P1 per liter.

Oil companies said the price hike was due to the movement of oil prices in the global market.

According to the DOE, the prices per liter of gasoline now range from P52.55 to P66.35, diesel from P45.65 to P54.90, and kerosene from P49.82 to P59.95.

The Philippine Statistics Authority (PSA) said the continuous increase in fuel prices contributed to the recent surge in inflation.

The country’s inflation rate accelerated from 6.4 percent in August to 6.7 percent in September 2018.

Inflation refers to the rise in prices of basic goods and services.

Some lawmakers are suggesting to suspend the excise taxes on petroleum products.

Fuentebella said the next tranche of the fuel tax rate increase, under the Tax Reform for Acceleration and Inclusion (TRAIN) law, can be suspended if the three-month average of Dubai crude hits $80 per barrel.IMT