MANILA - Motorists across the Philippines swarmed gasoline stations on Monday, rushing to refuel ahead of a massive price hike scheduled for Tuesday, reported Xinhua.
The surge in demand follows warnings of a significant increase in fuel costs, which local energy officials described as the largest single jump in recent memory.
The domestic volatility is largely driven by external factors, as escalating tensions in the Middle East continue to fuel fears of a global energy crisis, local news outlets reported.
In Metro Manila, this anxiety manifested in gruelling queues at several stations as drivers scrambled to beat the price implementation.
The situation was even more dire in the northern city of Dagupan and the central city of Iloilo, where local media reported that some stations were forced to close briefly after running out of stock due to intense panic buying.
Oil prices are expected to increase by about 17 pesos to 24 pesos (roughly US$0.29 to US$0.40) per litre this week, said Energy Secretary Sharon Garin on Monday.
Fuel companies would divide the increases over several days, or "stagger” the implementation of the hikes, instead of imposing a single, large price increase, Garin said. - BERNAMA-XINHUA