MOTORISTS are set to face a fresh wave of oil price hikes this week, with the Department of Energy (DoE) continuing to impose limitations on the price adjustments.
At a briefing on Monday, Energy Secretary Sharon S. Garin said oil companies must not increase this week’s fuel adjustments to as high as P1.21 per liter for gasoline and P2.82 per liter for diesel.
Meanwhile, kerosene prices should have a rollback of at least P2.21 per liter.
“The DoE for the past four weeks has prescribed the adjustments. Meaning, if there’s an increase, we prescribe the maximum increase and not allowing increases that are more than the maximum they prescribe. Or the rollbacks, it would be the minimum, the smallest rollback that can be,” Ms. Garin said.
The latest gasoline price adjustment marks the fourth straight week of increases, while diesel is getting a fresh price hike.
Pump prices in Metro Manila and other highly urbanized areas reached as high as P108.18 per liter for gasoline, P97.65 per liter for diesel, and P134.49 per liter for kerosene.
The country’s fuel inventory was equivalent to 45.33 days as of May 15, lower than 50.70 days last week.
Gasoline inventory stood at 46.85 days of supply, while diesel inventory was equivalent to 45.74 days.
Kerosene inventory reached 152.132 days, while jet fuel stood at 59.74 days, and liquefied petroleum gas at 30.21 days.
“The average as of this week is lower than the previous week, but this is not an alarming state. It is just because we are assured of supply from other countries,” Ms. Garin said.
The Energy chief said the agency remains vigilant about the country’s supply and is closely monitoring oil companies.
“The DoE is ready to procure more if the level is let’s say not comfortable anymore,” she said.
Amid concerns from some oil companies over the government-mandated oil price adjustments, Ms. Garin said the agency is revisiting the pricing mechanism it has implemented.
“We also need to consider that they (oil companies) have their own suppliers and freight costs,” she said. “We have started talks with them last weekend and we are still reviewing the files they submitted.” — Sheldeen Joy Talavera
