Diesel, kerosene prices to drop by over P9/L; gasoline down at least P3.90/L

By Sheldeen Joy Talavera, Reporter

MOTORISTS will get relief at the pump this week after oil companies announced steep fuel price rollbacks, with diesel and kerosene prices falling by more than P9 per liter (L) amid easing global oil prices.

At a briefing on Monday, Energy Secretary Sharon S. Garin said gasoline prices would decline by P3.90 to P5.90 per liter, diesel by P9.04 to P11.04 per liter, and kerosene by P9.82 to P11.82 per liter.

Starting on Tuesday, Seaoil Philippines, Inc. will cut gasoline prices by P3.90 per liter, diesel by P9.04 per liter and kerosene by P9.82 per liter.

Shell Pilipinas Corp. will also reduce gasoline prices by P3.90 per liter, diesel by P9.04 per liter, and kerosene by P11 per liter.

The rollback is expected to bring prevailing pump prices to P66.50 to P103.60 per liter for gasoline, P65.36 to P87.46 per liter for diesel and P99.08 to P128.18 per liter for kerosene.

“We continue to mandate a range in light of the different logistical and operational pricing that the oil companies encountered during their ordering cycle,” Energy Undersecretary Alessandro O. Sales said.

The downstream oil industry operates under Republic Act No. 8479, which lets oil companies adjust pump prices based on international market movements instead of seeking government approval.

The Philippines remains under a national energy emergency declared after the Iran war disrupted global oil markets and triggered successive fuel price increases in March. Under the emergency, the Department of Energy (DoE) prescribes minimum rollbacks and maximum price increases that oil firms may implement.

Ms. Garin said the government would lift these prescribed adjustments once the energy emergency ends.

“If there’s no emergency, there might be lifting of the emergency powers,” she said. “And without the emergency powers, we do not have the mandate to prescribe the adjustments.”

Despite reports of a ceasefire between Iran and the US, Ms. Garin said authorities remain cautious because tensions continue to threaten shipping through the Strait of Hormuz, a vital route for about a fifth of global petroleum trade.

“DoE has always taken the stand that we prepare for the worst,” she said. “We are not letting up. We are not becoming complacent about the problems in the Middle East because we cannot relax until it’s very, very clear for us — and very, very clear for our country — that there will no longer be any disruptions caused by the Middle East war,” she said.

Mr. Sales said the country continues to maintain ample fuel inventories despite a slight decline. As of June 19, the Philippines had fuel stocks equivalent to 43.86 days of demand, down from 46.37 days a week earlier.