Today’s oil price hikes (OPH) bring the nominal prices of diesel and gasoline to their highest levels in a decade. Oil firms announced that they will increase the price of diesel by Php1.35 per liter today and gasoline by Php1.00.

With these upward adjustments, the common price of diesel in Metro Manila is now pegged at Php48.30 per liter. The last time the prevailing pump price of diesel was higher was on Oct 1, 2008 when diesel in Metro Manila was retailing at a range of Php46.95 to Php49.09 per liter.

On the other hand, the common price of gasoline (RON 95) in Metro Manila is now at Php60.50 per liter. The last time that the prevailing pump price of gasoline in the capital region breached the Php60-mark was on Jul 21, 2008 when unleaded gasoline was retailing at a range of Php59.20 to Php61.07 per liter.

The announced OPH today is the eighth straight in as many weeks and the 28th overall. Total price increases for the year is Php13.50 per liter for diesel and Php13.37 for gasoline. The increases include the impact of Pres. Duterte’s TRAIN (Tax Reform for Acceleration and Inclusion) Law that added Php2.80 per liter in the pump price of diesel and Php2.97 for gasoline.

Overall, since Pres. Duterte took over, the common price of diesel in Metro Manila has already ballooned by Php20.35 per liter and gasoline by Php19.35.

Taking advantage of automatic weekly price adjustments under the Oil Deregulation Law, oil firms also appear to be implementing much higher price changes than what global price movement and forex fluctuations supposedly warrant. This simple profiteering has allowed oil firms to pocket about Php1.41 per liter in additional profits from diesel, and around Php2.53 per liter from gasoline.

Meanwhile, liquefied petroleum gas (LPG), according to the Energy department, is also now retailing in Metro Manila at Php705 to Php866 per 11-kilogram (kg) cylinder tank after oil firms increased LPG prices again yesterday (the eighth time this year). Before Pres. Duterte took over, the price range was only Php400 to Php650. Put another way, the most expensive LPG before Duterte became President in 2016 is still much cheaper than the “cheapest” LPG under him today. ###