Last week, the government signed an executive order that will impose additional 10% fuel import duties here in the country. This is the government’s way of generating additional funds for its COVID-19 response. That measure hasn’t taken effect just yet, but it seems that fuel prices are increasing nonetheless.
By 6am tomorrow, May 12, the price of gasoline is expected to increase by P2/liter, and diesel by P1.90/liter. The price of kerosene, meanwhile, is expected to rise by P1.25/liter.
As of this writing, Petron, Shell, Phoenix Petroleum, Seaoil, Flying V, PTT, and Petro Gazz have already confirmed the price hikes they will be implementing. You can check out CNN Philippines’ thread on Twitter below:
As we mentioned earlier, the additional import duties imposed by the government haven’t taken effect just yet. In case you hadn’t noticed, oil prices in the US dropped to a dismal negative, meaning traders had to pay their buyers $30 for each barrel they acquire. These price hikes are the result of global oil prices recovering from that phenomenon.
That said, expect these figures to inflate further once the increased duties take effect. We’ll keep you posted when that happens.