Motorists need to brace themselves for more fuel price hikes in the coming weeks, the Department of Energy said Wednesday as it forecast a continuous increase in petroleum costs.
The expected price hikes are due to several global factors such as the increased demand for oil during the summer season in Northern Hemisphere countries and in China, where lockdowns are set to end, an energy official said. The European Union's ban on oil imports from Russia is also a factor.
"Itong tuloy-tuloy na pagtaas ay may expectation po tayo na mangyayari at mangyayari sa mga susunod na weeks," Rino Abad, director of the DOE Oil Industry Management Bureau, said in an interview on GMA's Unang Balita.
"Wala po tayong nakikitang event ngayon para dumating na siyang mago-offset nitong push ng mga events na ito na tuloy-tuloy nagpapa-increase ng mga price," he added.
Motorists have been burdened with fuel price hikes for the most of 2022 which prompted the government to provide free rides in Metro Manila and fuel subsidies to public utility vehicle drivers.
This week alone, diesel prices increased by P6.55 per liter while gasoline prices hiked by P2.70 per liter.
The energy department advised motorists to take advantage of fuel promo programs of gasoline stations to alleviate the burden of soaring oil prices.