DOE tells public: Mixed fuel price adjustments

CEBU, Philippines — Motorists may see mixed fuel price movements this week, with gasoline prices expected to either increase or decrease, while diesel and kerosene are projected to post significant hikes, according to the Department of Energy (DOE).

DOE Secretary Sharon Garin, in a virtual press conference yesterday, said gasoline prices may either roll back by as much as P1 per liter or increase by up to P1 per liter.

Diesel prices, meanwhile, are expected to increase between P2.62 and P4.62 per liter, while kerosene prices may go up from P2.22 to P4.22 per liter.

Garin said the projected ranges represent the maximum expected adjustments based on current international market movements.

She attributed the continued volatility in global oil prices to renewed geopolitical tensions in the Middle East, particularly concerns over possible disruptions in the Strait of Hormuz, one of the world’s busiest oil shipping routes.

The DOE is also considering changing how it announces its weekly fuel price forecasts if market conditions remain unstable.

Garin said that beginning next week, the agency may stop issuing a price adjustment range and instead announce only the maximum or minimum possible adjustment, whether a rollback or a price increase.

She said the proposed change aims to better protect consumers and ensure that local pump prices more accurately reflect developments in the international oil market.

Garin assured the public that the DOE continues to closely monitor global developments and implement measures to safeguard the country’s energy security, maintain a stable fuel supply, and minimize the impact of rising oil prices on consumers.

DOE-Oil Industry Management Bureau (OIMB) Director Rino Abad reported that the country’s petroleum products remain at healthy inventory levels as of Friday last week.

Gasoline stocks are sufficient for about 48 days, an increase of five days from the previous week’s report.

Diesel inventory stands at nearly 46 days, up by three days from last week.

Kerosene supply remains at a healthy 149 days, while jet fuel stocks are good for about 80 days. Fuel oil inventory is at 33 days, and liquefied petroleum gas (LPG) supply is sufficient for nearly 40 days.

Meanwhile, more than P268 million in fuel subsidies has been released to public utility vehicle (PUV) operators and drivers under the government’s fuel assistance program as of July 9.

Abad said the program, implemented in partnership with the Land Bank of the Philippines, began on April 13. The latest figures cover Week 13 of the rollout, spanning July 2 to July 9.

He said 83,381 unique PUVs, based on vehicle plate numbers, have already benefited from the subsidy program.

The number of participating gasoline stations has also increased to nearly 2,800 nationwide, providing more locations where beneficiaries can redeem their fuel assistance.

Abad said the figures reflect the continued expansion of the fuel subsidy program, with more PUV operators and fuel retailers participating as the implementation progresses. — (FREEMAN)