Diesel Price Hike Eased, But Still Seen Near P10/L

The Department of Energy warned that diesel prices could surge by up to P5 per liter starting Tuesday, driven by rising global oil prices. Despite this prediction, oil companies agreed to implement the hike in staggered installments to ease the burden on consumers.

A meeting between the DOE and oil companies resulted in a decision to increase diesel prices, but the rate of increase will be spread out over time. This move is aimed at minimizing the impact on consumers, who are already feeling the pinch from rising costs.

According to the DOE, global oil prices have been increasing due to various factors, including supply chain disruptions and geopolitical tensions. The agency emphasized the need for fuel companies to absorb some of this increase to protect consumers.