There will be a big-time fuel price increase starting Tuesday, June 24.
The per liter price hike for diesel will be close to P5 and P3 for gasoline because of the rising oil prices in the world market triggered by the escalating tensions between Israel and Iran, a Department of Energy (DOE) official said on Friday, June 20.
Based on the four-day trading, the price of petroleum products will increase significantly on Tuesday morning, Assistant Director Rodela Romero, DOE Oil Industry Management Bureau Director III, said.
The forecasted per liter price increase for gasoline is P2.50 to P3, diesel – P4.30 to P4.80, and kerosene – P4.25 to P4.40, she said.
Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) clarified in a press release Friday that no fare increase has been approved for public utility vehicles (PUVs) yet.
The LTFRB Board emphasized that any adjustment to current fare rates remains on hold, pending the outcome of an ongoing study by the National Economic and Development Authority (NEDA).
LTFRB Chairperson Teofilo Guadiz III said that the Board’s decision on any proposed fare hike will be guided by the findings and recommendations of NEDA, in line with regulatory protocols.
“We want to be clear: no fare increase has been approved at this stage,” Guadiz said.
“The Board is still awaiting the results of NEDA’s economic impact study, which will serve as the basis for any future decision on fare adjustments.”
The clarification comes amid public speculation and proposals from some transport groups seeking a fare increase in response to operational challenges, the press release said.
Guadiz said that the LTFRB is committed to a data-driven, balanced approach that considers both the economic realities of operators and the financial welfare of commuters.
“Fare adjustments are a serious matter that require careful study, especially considering the current economic conditions,” he added.
“We are not rushing into a decision. We are waiting for NEDA’s analysis, and the Board will act based on facts and expert recommendation.”
The LTFRB is actively coordinating with relevant agencies and stakeholders and will release official updates once the NEDA study is completed and a recommendation is submitted, the press release said.
Proposals for a fare hike have been prompted by the continued rise in fuel prices, driven by global supply disruptions stemming from the ongoing war in Ukraine and heightened geopolitical tensions in the Middle East, including the conflict between Iran and Israel, it added.*