BY: Ron Marc Maranan
Several motorists rushed to gas stations ahead of the fuel price increase that took effect this week, as oil companies implemented almost a 2 peso per liter hike in petroleum products beginning Sunday.
Food delivery rider Riddle Malya-ew said his daily earnings, often from 20 bookings, will once again be trimmed because of the increase. “If I bring home around one thousand pesos, it becomes only about eight hundred. It really affects us even if it’s just two pesos because it’s per liter,” he explained.
Before heading home, he made sure to top up his tank early. “We have to work harder. If needed, I will start riding even before dawn just to recover what’s lost due to the fuel price hike,” Malya-ew added.
Taxi driver Eric Lachica also filled up before the adjustment took effect. He said most of his income goes straight to gasoline. “What’s left is so little, around 500 pesos to 600 pesos. Everything goes to fuel. Sometimes I even spend over a thousand on gas,” he said.
Oil companies raised diesel prices by 2 pesos per liter, gasoline by 1.20 pesos per liter, and kerosene by 1.70 pesos per liter starting October 28.
The Department of Energy’s Oil Industry Management Bureau said the price hike stemmed from new U.S. sanctions imposed on two of Russia’s largest oil companies, part of efforts to pressure Russia into peace negotiations with Ukraine.
The sanctions caused global demand and prices to increase, especially for oil coming from OPEC member-countries.
