Wimpy: Seek best fuel prices
Fuentebella said world market factors are affecting fuel prices locally, including a surge in demand by as much as 5.6 million barrels per day
The Department of Energy (DoE) is urging consumers, especially motorists and operators of public utility vehicles, to strategize and shop for the best fuel prices in the local market.
DoE spokesperson and Undersecretary William Felix “Wimpy” Fuentebella underscored this during Daily Tribune’s morning show “Gising Na!” Wednesday, citing the need to save on fuel amid the surge in pump prices last week.
Most of our officemates are working from home, but Secretary Cusi chooses to stay in his office.
Fuentebella warned that global conditions like diminishing supply and increasing demand, as economies across the world start their rebound from the Covid-19 pandemic, may usher in more fuel price surges.
He assured, however, that the DoE under Secretary Alfonso Cusi is doing everything and is on the guard against unreasonable fuel increases and profiteering.
Asked to comment on Cusi’s critics saying he may have been sidetracked by the recent intramurals within the administration party PDP-Laban, Fuentebella said the DoE chief has always been focused on his work.
Cusi was recently elected party president during PDP-Laban’s national assembly held in Clark City, Pampanga. His election bumped off from the post Manny Pacquaio, who held it in an acting capacity.
Demand surge
Fuentebella cited a number of factors in the world market that are affecting fuel prices locally, including a surge in demand by as much as 5.6 million barrels per day.
Of the figure, 4.5 million barrels are supplied by members of the Organization of the Petroleum Exporting Countries (OPEC), while orders for the remaining 1.1 million barrels are filled up by nonOPEC producers.
OPEC has been trying to cap its production so as not to depress the prices of fuel products that would reduce the profits of its members led by Saudi Arabia.
The economic sanctions imposed by the United States against oil producers Iran and Venezuela have also reduced supply, leading to fuel price increases, Fuentebella pointed out.
“Supply is going down because of the two restrictions, while the demand is going up because of (the rebound from) Covid,” Fuentebella said. “So that, generally, is what’s happening in the world market.”
He urged consumers to exercise their free will in choosing the lowest fuel prices in the local market, adding there are still disparities in pricing by local sellers because of stiff competition.
“The Waze app being used by most motorists, for instance, is already guiding motorists to gasoline stations with the most economical fuel prices. Using the app, motorists can see the prices of gasoline along the way,” he said.
Economic sanctions imposed by the United States against oil producers Iran and Venezuela have also reduced supply.
The DoE spokesperson said a memorandum of understanding between ride-hailing application Angkas and the DoE will be signed, in which Angkas riders will do real-time monitoring of fuel prices.
Carpooling
There are many other ways for motorists to save on fuel like riding a motorcycle, Fuentebella, who drove a Harley Davidson into the Daily Tribune office, said.
“If it is not raining, we can use motorcycles with P200 (full tank) instead of using four wheels. But when it’s raining, we can do carpooling, so long that we abide by the Inter-Agency Task Force on Emerging Infectious Diseases protocols,” he said.
“You also have to plan your trips. With that strategy, you can save money for other expenses. These are the strategies that the DoE has been wanting to impart to the consumers. Energy efficiency and strategies should be a way of life,” he said.
“We have to arm ourselves as consumers; we must focus on what we can control and we can maximize,” he added.
Fuentebella said Secretary Cusi has been managing the energy sector and the department efficiently, belying accusations politics has been sidetracking the DoE chief of late,.
He urged consumers to exercise their free will in choosing the lowest fuel prices in the local market.
“He has his ways of managing the team. Most of our officemates are working from home, but Secretary Cusi chooses to stay in his office, doing zoom meetings and relaying verbal instructions from time to time. He can perform a lot of tasks. And we totally understand Secretary Cusi’s management style.”
Oil companies implemented a price increase of P1.15 per liter for gasoline, P0.60 per liter for diesel, and P0.65 per liter for kerosene effective last week, causing a net increase of P13.50 per liter for gasoline, P10.60/l for diesel and P9/l for kerosene.