Cheyenne Suarez

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

Article (news)

FUEL PRICE HIKE

David Dizon

Alvin Elchico

ABS-CBN News

<div><br/></div><div><br/></div><p>We’re getting coal in our Christmas stockings, Kapamilya, as oil prices are set to increase on Christmas Eve, the Department of Energy said Friday.</p><p>Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said the following increases will be implemented on December 24, based on 4 days of trading of Mean of Platts Singapore:</p><div><strong>Gasoline - P0.35-P0.70 per liter</strong></div><div><strong>Diesel - P1.10-P1.40 per liter</strong></div><div><strong>Kerosene - P0.90-P1.00 per liter</strong></div><p>Primary reason for the increases is the weaker peso, which touched a historic low of P59 to the US dollar on Thursday before regaining ground at P58.98.</p><p>“Alam naman natin na lahat ng produkto na binibili sa labas ng bansa ay ginagamit po natin dollar. Sabi nga nila pinakamataas ito since 2022,” Romero said.</p><p>US crude stocks and distillate inventories also fell while gasoline inventories rose in the week ending Dec. 13, according to the US Energy Information Administration.</p><p>Jetti Petroleum President Leo Bellas said the weaker peso contributed around 30 centavos to the expected increase. He said there is no more chance of a rollback even if there is still trading today, Friday.</p><p>Bellas estimates the increase in diesel at P1.40-P1.60/L and gasoline by P0.40-P0.60/L</p><div><strong>DOE TO IMPLEMENT UNBUNDLING TEMPLATE</strong> </div><p>The Energy department will begin the process of unbundling fuel prices by January 2025 through a templated submission of information by oil firms.</p><p>Even with some reservations from oil firms, the DOE wants to know some major costs like import cost of the products as well as freight and premium costs all added into the final price of fuel passed on to motorists.</p><p>The DOE has won in the Supreme Court in the case filed by some oil players against fuel price unbundling.</p><p>All these years, the government has been helpless in determining some cost factors as oil firms invoke the oil deregulation law as a shield against DOE&#x27;s request for information.</p><div><strong>ERC MAY INITIATE REFUND IF MERALCO DOESN&#x27;T FILE FOR ONE=</strong></div><p>Meanwhile, Energy Regulatory Commission Chairperson Monalisa Dimalanta clarified that the commission is studying the possibility of ordering Meralco to refund its overcollection, if the utility does not file a petition to return it to the consumers.</p><p>Dimalanta is reacting to a statement from Nasecore president Pete Ilagan that the ERC should not wait for Meralco to file a petition and instead compute the refund independently.</p><p>According to Dimalanta, the ERC is giving Meralco due process before it initiates moves that will compel the utility to give back what it over-collected from consumers. Dimalanta said Meralco already admitted that it over-collected and that it plans to refund P16 billion a few months back.</p><p>Meralco has not filed anything yet but Dimalanta said the ERC can compute the refundable amount based on the utility&#x27;s monthly filing.</p><p>The ERC is set to come up with clear timelines in order to finally determine Meralco&#x27;s distribution rate by June 2025.</p><p>Meralco&#x27;s rate has not been changed since 2015 due to erc&#x27;s failure to conduct a rate reset.</p>

<p>The primary reason for the increase in oil prices is the weaker peso, which touched a historic low of P59 to the US dollar on Thursday.</p>

The primary reason for the increase in oil prices is the weaker peso, which touched a historic low of P59 to the US dollar on Thursday.

Bah, humbug! Oil prices to increase on Christmas Eve

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Bah, humbug! Oil prices to increase on Christmas Eve

David Dizon,

Alvin Elchico,

ABS-CBN News

Published Dec 20, 2024 07:14 AM PHT

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Updated Dec 20, 2024 04:00 PM PHT

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oil prices

gasoline

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kerosene

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