Fuel prices
SAS to cancel at least 1,000 flights in April
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Airline SAS is canceling a couple of hundred flights in March and at least 1,000 in April due to sharply increased fuel prices. The company cites a doubling of fuel costs in ten days amid the Middle East war. Norwegian pilot unions question the explanation, pointing to staffing issues.
Following LTFRB probes into bus operators, the Philippine National Police is intensifying monitoring of public utility vehicle operators illegally raising fares due to Middle East-driven fuel price surges. PNP chief Gen. Jose Melencio Nartatez Jr. warned against exploiting the crisis, with police assisting regulators to protect commuters.
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Oil firms will implement another round of fuel price hikes this week, with diesel seeing double-digit increases amid elevated global oil prices. Shell and Jetti Petroleum announced diesel increases of P12.90 per liter, while PetroGazz, Seaoil and UniOil raised prices by P12.50 per liter. Gasoline and kerosene prices also rose, though at slower rates.
In the continuing German fuel price crisis driven by Middle East tensions, economist Veronika Grimm warns against discounts to sustain high prices and curb demand, citing severe supply bottlenecks in the Strait of Hormuz. She critiques broad relief amid limited fiscal space.
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The Land Transportation Franchising and Regulatory Board announced fare increases for nearly all public transport modes, effective March 19, amid rising fuel prices from the Middle East conflict. LTFRB Chair Vigor Mendoza called it “one of the hardest decisions of the board” due to erratic fuel surges.