Diesel prices set for nearly P10 rollback
MOTORISTS can expect a sharp rollback in diesel and kerosene prices this week, while gasoline prices are set to edge higher, amid easing global oil prices and ample domestic fuel inventories.
The Department of Energy (DoE) said diesel prices could decline by at least P9.57 per liter, while kerosene prices may fall by at least P13.30 per liter starting on Tuesday, May 12.
Gasoline prices, meanwhile, may increase by as much as P0.47 per liter.
Oil firms separately announced their respective price adjustments on Monday.
Seaoil Philippines, Inc. and Unioil Petroleum Philippines, Inc. said they would implement the same adjustments estimated by the DoE.
Jetti Petroleum, Inc., meanwhile, said it would raise gasoline prices by P0.40 per liter and cut diesel prices by P9.60 per liter.
The latest gasoline price adjustment marks the third straight week of increases, while kerosene prices have declined for five consecutive weeks.
Pump prices in Metro Manila and other highly urbanized areas reached as high as P106.97 per liter for gasoline, P94.83 per liter for diesel, and P136.70 per liter for kerosene.
The country’s fuel inventory was equivalent to 50.70 days of supply as of May 8, according to Energy Secretary Sharon S. Garin.
Gasoline inventory stood at 53.43 days of supply, while diesel inventory was equivalent to 48.85 days.
Kerosene inventory reached 165.83 days, while jet fuel stood at 73.01 days, fuel oil at 56.79 days, and liquefied petroleum gas at 35.55 days.
In a Facebook post, Ms. Garin said the Philippines has maintained a stable fuel supply despite the ongoing conflict in the Middle East.
“But despite this level of comfort, let’s continue fuel and energy saving habits,” she said. “A liter less of diesel we consume or one light less we turn on is truly a building block for a more energy resilient and sovereign nation.”
To strengthen the country’s emergency fuel supply buffer, the DoE said the Philippines has so far imported 1.12 million barrels, or 178.33 million liters, through the completed delivery of four diesel shipments from various sources.
To support continuous electricity supply in off-grid areas that rely heavily on diesel-fired generation, the DoE said it has started rolling out the sale of government-procured diesel at subsidized rates of P8 per liter.
Under the government’s Emergency Energy Security Program, the Philippine National Oil Co.-Exploration Corp. will sell up to 45 million liters of diesel over the next three months to new power providers and microgrid system providers operating in missionary areas.
The measure aims to sustain generation operations, prevent power interruptions, and cushion consumers from sharp increases in electricity rates, the DoE said.
“Providing assistance for the diesel requirements of power providers serving missionary areas is a concrete and proactive measure to help protect electricity access and the welfare of thousands of Filipinos living in remote and island communities outside the main grid,” Ms. Garin said in a statement.
The DoE said the program is intended to help sustain reliable electricity supply in island provinces such as Mindoro, Marinduque, Romblon, Palawan, Catanduanes, Masbate and Siquijor, among others, where power generation remains largely dependent on diesel. — Sheldeen Joy Talavera
