Fuel firms implement another big-time oil price hikes

Motorists and public utility drivers and operators, who have been taking the blow of the spiraling local prices of petroleum products, need to sustain another week of spike.,Oil companies, in separate advisories on Monday, announced diesel prices surged anew by P4.30 per liter while gasoline prices increased by P2.15 per liter. Kerosene prices, on the other hand, went up by P4.85 per liter.,Data from the Department of Energy (DoE) as of 7 June showed that the year-to-date adjustments of fuel prices stood at a net increase of P36.85 per liter of diesel, P26.55 per liter of gasoline, and P33.10 per liter of kerosene.,Last week, diesel prices also soared by P6.55 per liter; gasoline prices by P2.70 per liter; and kerosene by P5.45 per liter.,DoE-attached Oil Industry Management Bureau director Rino Abad already warned that motorists should expect sustained oil price hikes in the coming weeks.,Abad noted that the growing demand in the Northern Hemisphere countries due to the summer peak period from June to September pushed up the price increase.,Russian oil ban by the European Union and the easing of lockdown in China, which is projected to increase the oil demand, also affected the prices.,Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) has committed to distributing the second tranche of the P5-billion fuel subsidy for public utility vehicle (PUV) drivers and operators this month.,In a radio interview over the weekend, LTFRB Executive Director Tina Cassion said they are now preparing documents for the distribution of another P6,500 fuel subsidy for the PUV sector.,“By the last week of June or early July, we will implement the second tranche,” she said.,Cassion noted that beneficiaries of the second tranche are the same as those who received the first tranche.,LTFRB data showed that as of the first week of June, less than 5,000 beneficiaries  have not yet received the first tranche of the fuel subsidy.