MANILA, March 9 (Xinhua) -- Motorists across the Philippines swarmed gasoline stations on Monday, rushing to refuel ahead of a massive price hike scheduled for Tuesday.
The surge in demand follows warnings of a significant increase in fuel costs, which local energy officials have described as the largest single jump in recent memory.
The domestic volatility is largely driven by external factors, as escalating Middle East tensions continue to fuel fears of a global energy crisis, local news outlets explained.
In Metro Manila, this anxiety manifested in grueling 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 0.29 U.S. dollars to 0.40 dollars) per liter this week, said Energy Secretary Sharon Garin on Monday.
Fuel companies would divide the amounts over several days or "stagger" the implementation of the hikes instead of delivering a single, big-time price hike, Garin said. ■
