Manila: 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 stated in an online briefing that gasoline prices will see an increase of up to PHP2.21/liter and diesel by as much as PHP2.66/liter. Meanwhile, kerosene prices will experience a drop of up to PHP3.53/liter.
According to Philippines News Agency, Garin explained that oil prices are 'steadying at a certain pace,' influenced by foreign exchange movements and fluctuations in freight and insurance costs. She emphasized that the price changes are based on international market conditions, which are beyond the control of the country or its industry players.
Oil companies have announced similar adjustments in their pricing strategies. Jetti Petroleum noted it will raise diesel prices by PHP2.60/liter and gasoline by PHP2.20/liter, effective from 6 a.m. Tuesday. Seaoil and Petron will implement an increase of PHP2.66/liter for diesel and PHP2.21/liter for gasoline at the same time, alongside a reduction in kerosene prices by PHP3.53/liter.
In addition, Garin mentioned that liquefied petroleum gas (LPG) prices will be rolled back by PHP1.22/kilogram, equating to PHP13.42 for an 11-kilogram cylinder.
Despite these pricing adjustments, Garin assured the public of sufficient domestic fuel supply. Current gasoline stocks are adequate 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 attributed a slight decline in demand to energy-saving measures implemented by both the government and private sector.
Garin affirmed that oil companies' supply orders are being fulfilled, with their contracts honored by both usual and new suppliers, including the Philippine National Oil Company (PNOC).
On the power supply front, Energy Undersecretary Mario Marasigan reported stability, with actual peak demand remaining below projections across all grids. Luzon recorded a peak demand of approximately 13,553 megawatts (MW), below a projected increase of 2,130 MW for the year. In the Visayas, the peak was around 2,680 MW versus a projected 3,115 MW, while Mindanao logged about 2,744 MW against a 3,013 MW projection.
Marasigan assured the public of the ample allowance, indicating no foreseeable supply issues, though he noted possible minor glitches as some power plants undergo preventive maintenance.
