Push Admin

'Medyo mahirap sabihin na bababa': Expect high fuel prices until end of 2023, DOE says

Article (news)

Job Manahan, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Diesel prices are slated to go up by 2.50 pesos per liter, with Kerosene and Gasoline prices increasing at 2 pesos per liter. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/business/09/19/20230918-oil-price-hike-jc2847.jpg"/><figcaption>Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Diesel prices are slated to go up by 2.50 pesos per liter, with Kerosene and Gasoline prices increasing at 2 pesos per liter. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA — The Department of Energy (DOE) on Tuesday said the public may need to endure high oil prices until the end of the year as global crude supplies remain tight. </p><p>DOE Oil Management Bureau Director Rino Abad said that earlier this year the Organization of the Petroleum Exporting Countries (OPEC) cartel along with Russia slashed oil production. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/16/23/around-p2liter-increase-forecast-in-11th-straight-oil-hike">Around P2/liter increase forecast in 11th straight oil hike</a></li></ul><p>Based on OPEC&#x27;s projections and the forecast of the International Energy Agency, Abad said, the reduced output from oil producers will persist &quot;until the end of the year.&quot; </p><p>Last month, the fuel shortage peaked at 3 million barrels per day, but the IEA said the projected shortfall may go down to 500,000 barrels per day before the end of the year, he said.</p><p>&quot;Mayroon tayong ini-expect na mataas pa rin na price because of the tightness, remaining tightness towards the end of the year,&quot; said Abad.</p><p>Even if supply problems ease, oil prices may continue to rise before the year ends, but the hikes will be smaller.</p><p>&quot;Still, nandoon pa rin tayo sa mataas na price kasi wala po tayong ini-expect na pagbaba ‘no. Medyo mahirap sabihin na bababa dahil mayroon pa ring kakulangan,&quot; he added. </p><p>Pump prices increased for the 11th straight week on Tuesday. </p><p>Since July 11, diesel prices have increased by P17.30 per liter, gasoline by P11.85 per liter, and kerosene by P15.94 per liter. </p><p>While House Speaker Martin Romualdez has asked oil companies to bring down prices and called on the government to suspend excise taxes and VAT on fuels, Finance Secretary Benjamin Diokno opposed the latter saying it will damage the economy.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/09/19/23/huge-damage-to-economy-if-govt-suspends-fuel-taxes-diokno">&#x27;Huge damage&#x27; to economy if gov’t suspends fuel taxes: Diokno</a></li>	<li><a href="https://news.abs-cbn.com/business/09/18/23/romualdez-wants-oil-firms-to-cut-prices">Romualdez wants oil firms to cut prices, supermarkets to hold off price hikes</a></li></ul><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=2810208" 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><div><strong>Video from PTV</strong></div>

The public can expect fuel prices to remain high until the end of the year as global crude supplies remain tight, an Energy official said, 

'Medyo mahirap sabihin na bababa': Expect high fuel prices until end of 2023, DOE says

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

'Medyo mahirap sabihin na bababa': Expect high fuel prices until end of 2023, DOE says

Job Manahan,

ABS-CBN News

Published Sep 19, 2023 05:34 PM PHT

Read More:

fuel prices

oil prices

DOE

how much fuel

high fuel prices until when

Rino Abad

oil price hike

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.