Gas, diesel prices to hit P100/liter

MANILA, Philippines — Hefty pump adjustments are set to push gasoline and diesel prices above P100 per liter at some fuel stations today. 

Gasoline, diesel and kerosene prices will rise by as much as P4.69, P5.18 and P5.58 per liter, respectively, according to Energy Secretary Sharon Garin. 

“We have an oil price hike, driven largely by higher international oil prices following renewed tensions affecting energy flows through the Middle East,” Garin said yesterday.

The weakening of the peso against the dollar also added pressure on domestic pump prices, with the local currency hitting record lows last week.

With the latest increases, gasoline prices in Metro Manila will reach as high as P102.04 per liter, while premium diesel will cost as much as P102.68 per liter.

Kerosene prices will range from P100.88 to P136.10 per liter.

Amid the ongoing energy emergency, the Department of Energy (DOE) is authorized to mandate the maximum price hikes and minimum rollbacks that oil firms can implement. 

Rino Abad, director of the DOE’s Oil Industry Management Bureau, said domestic pump prices remain elevated as the geopolitical tensions continue to weigh on international supply chains.

Despite the absence of active peace talks, Abad still does not expect prices to immediately return to the peak levels seen during the height of the Middle East war, when prices climbed above P150 per liter.

While global supply flows have yet to normalize, the DOE reassured the public that the country’s fuel stockpiles continue to be sufficient and above the minimum required levels.

Fuel subsidy

Meanwhile, DOE officials said the government’s fuel subsidy program for public utility vehicle (PUV) drivers remains in effect this month, with funding averaging around P60 million per week.

Under the program, PUV and UV Express drivers will receive a P12-per-liter fuel discount, amounting to as much as P1,800 in weekly savings.