The Department of Energy (DOE) announced a big-time price rollback in fuel prices beginning Tuesday, Jube 23.
Data released by the DOE on Monday showed that for this week, gasoline prices are set to decline between PHP3.90 to PHP5.90 per liter, while diesel will also decline by PHP9.04 to PHP11.04 per liter.
Kerosene prices, meanwhile, will also be slashed by PHP9.82 to PHP11.82 per liter.
In an advisory, Seaoil said it will cut diesel prices by PHP9.04 per liter, gasoline by PHP3.90 per liter, and kerosene by PHP9.82 per liter.
Shell said it will also reduce gasoline prices by PHP3.90 per liter, kerosene by PHP11 per liter, and diesel by PHP9.04 per liter.
“The adjustments today reflect last week’s market,” Energy Secretary Sharon Garin said in a virtual briefing.
DOE Undersecretary Allesandro Sales said the agency continues to mandate a price range in light of the different logistical, operational, and pricing challenges that the oil companies encounter during their ordering cycle.
Sales said at present, most diesel and gasoline prices are already sold below PHP70 per liter.
“In terms of supply, we continue to enjoy a healthy inventory albeit mas mababa kesa noong nasa gitna tayo ng krisis pero magandang position pa rin (lower compared to when we were in the middle of the crisis but still a good position),” he said.
DOE data showed that as of June 19, the country’s total fuel inventory was sufficient for 43.86 days based on current consumption levels.
Gasoline supply is projected to last for 43.75 days, diesel for 40.42 days, fuel oil for 38.21 days, kerosene for 128.96 days, liquefied petroleum gas for 42.86 days, and jet fuel for 68.30 days.
Following reports of another closure of the Strait of Hormuz, Garin said the DOE will still have to wait for the reports from the international market before making an assessment.*PNA
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