Almost P25-per-liter diesel rollback set this week — DOE
by Ian Laqui · philstarMANILA, Philippines — Diesel prices will be rolled back by at least P24.94 per liter this week, the Department of Energy announced Monday, April 20
At a press briefing, Energy Secretary Sharon Garin said the rollback would apply to diesel, which has been selling at more than P120 per liter after weeks of oil price increases.
"The rollback is now mandated by the government. It is prescribed by the government as announced by the president," Garin said.
The DOE also set minimum rollbacks of P3.41 per liter for gasoline and P2 per liter for kerosene.
Garin said the government's authority to regulate pricing was triggered by President Ferdinand Marcos Jr.'s issuance of Executive Order 110, which declared a state of energy emergency.
She said the government was not imposing a price cap, but only regulating price adjustments.
"Because of that declaration, it triggered additional powers for the government to prescribe the price," Garin said.
Some oil firms have already adopted the rollback set by the government.
Flying V, Shell and Seaoil separately announced that they would implement the adjustments.
Last week's oil price cuts ended a streak of consecutive increases since February, which had been driven by tensions in the Middle East.
Diesel prices last week were cut by P20 per liter, while gasoline prices were reduced by P4.43 to P4.50 per liter.
LPG prices will also go down, with Solane implementing a P3.36 per kilo rollback.
Supply increases
According to Garin, the country's oil inventory increased compared to last week.
The energy chief said the total expected available supply is equivalent to 52.02 days.
Breakdown by product:
- Gasoline: 54.47 days
- Diesel: 50.13 days
- Kerosene: 129.93 days
- Jet fuel: 60.69 days
- Fuel oil: 78.87 days
- LPG: 40.26 days