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Fuel prices set to increase for 5th straight week

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Alvin Elchico, ABS-CBN News

<p>MANILA -- For the fifth straight week, another price increase looms for diesel and kerosene.</p><p>After 4 trading days, imported diesel is up by P3.38/liter while imported kerosene is also up by P2.40/Liter. Gasoline is slightly higher too by P0.13/L.</p><p>The main reason according to Department of Energy (DOE) Director Rino Abad is still the production cut in Saudi Arabia. Russia may also cut production in September, he added.<br/> <br/>In the last 4 weeks, diesel prices have risen by P6.80/L, gasoline by P5.35/L and kerosene by P5.90/L.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/31/23/big-oil-price-hike-set-on-august-1">Big oil price hike set on August 1</a></li></ul><div><strong>INCREASING ETHANOL BLEND</strong></div><p>Meanwhile, the government is now preparing the standards for an increased bioethanol blend in gasoline.</p><p>Currently, the Philippines has mandated the use of 10 percent ethanol in all gasoline products.</p><p>In other countries, there are higher ethanol blends on gasoline, reaching up to 85 percent or even 100 percent.</p><p>Abad clarified, however, that there is no formal discussion yet on the shift from E-10 to E-20 in the National Biofuels Board. He said the DOE is just preparing the standards in case it is approved.</p><p>The Mariano Marcos State University in Ilocos in 2019 did an experiment wherein they used a higher ethanol blend with brand new cars and motorcycles, and these vehicles are running fine until today.</p><p>Abad said government also needs to look into the feed stock or sugarcane, which should be enough to meet the demand in case country mandates E-20.</p><div><strong>CAR MANUFACTURERS WEIGH IN</strong></div><p>The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) says it may take time before the industry can adapt to a higher ethanol blend.</p><p>&quot;The increase in ethanol blend should be implemented based on reasonable timetable. It must consider the availability of fuel and the readiness of vehicles,&quot; said CAMPI President Rommel Gutierrez.</p><p>&quot;Current vehicle models need to be modified to be compliant with the new regulation. Considering the transition period, it will take 4-6 years for such modification,&quot; he added.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2037973" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

For the fifth straight week, another price increase looms for diesel and kerosene.

Fuel prices set to increase for 5th straight week

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Fuel prices set to increase for 5th straight week

Alvin Elchico,

ABS-CBN News

Published Aug 04, 2023 02:57 PM PHT

|

Updated Aug 04, 2023 03:40 PM PHT

Read More:

oil price hike

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