After several weeks of rollback, domestic oil prices are set to rise anew this week, with increases of as much as PHP2.66 per liter.
Department of Energy (DOE) Secretary Sharon Garin said in an online briefing Monday that gasoline prices will increase by up to PHP2.21/liter and diesel by as much as PHP2.66/liter on Tuesday, May 5.
Kerosene prices, however, will drop by as much as PHP3.53/liter.
Garin said oil prices are “steadying at a certain pace,” partly due to foreign exchange movements and changes in freight and insurance costs.
“We cannot give an assurance that the price will go down or go up, but we are only explaining this so that people know why the price is like that,” she said.
Garin said the hike is based on international prices, “which is not within the control of our country or even our industry players.”
Oil firms announced similar adjustments. Jetti Petroleum said it will raise diesel prices by PHP2.60/liter and gasoline by PHP2.20/liter effective 6 a.m. Tuesday.
Seaoil and Petron will increase diesel prices by PHP2.66/liter and gasoline by PHP2.21/liter at the same time, while cutting kerosene prices by PHP3.53/liter.
Garin added that liquefied petroleum gas (LPG) prices will be rolled back by PHP1.22/kilogram, or PHP13.42 for an 11-kilogram cylinder.
Despite the adjustments, Garin assured the public that domestic fuel supply remains sufficient. She said gasoline stocks are enough for 52.64 days, diesel for 54.58 days, kerosene for 166.67 days, jet fuel for 71.14 days, fuel oil for 62.69 days, and LPG for 40.46 days.
She said demand has slightly declined, aided by energy-saving measures from both the government and private sector.
“There’s been a decrease on the consumption or on the demand, but also that there is no problem as to the deliveries that our oil companies are getting,” Garin said.
“Their orders are being honored, their contracts are being honored, so our usual and our new suppliers are responding to the orders of our companies, including that of PNOC (Philippine National Oil Company),” she added.
Energy Undersecretary Mario Marasigan said power supply remains stable, with actual peak demand still below projections across all grids.
In Luzon, peak demand has reached about 13,553 megawatts (MW), below the projected 2,130 MW increase for the year. The Visayas recorded a peak of around 2,680 MW versus a projected 3,115 MW, while Mindanao logged about 2,744 MW against a 3,013 MW projection.
“Our allowance is still big. So we are assuring that we are not seeing any problems when it comes to supply,” he said.
Marasigan added that the DOE continues to monitor the situation, noting possible minor glitches as some power plants complete preventive maintenance. *PNA
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