Manila: Energy Secretary Sharon Garin on Monday expressed hope for the stabilization of domestic fuel prices given the decline in global oil prices to below USD80 per barrel. Speaking at an online briefing, Garin noted that while the change may not be immediate, the worst of the price surges might be over.

According to Philippines News Agency, Garin emphasized that it could take several weeks or even months for crude oil prices to revert to pre-war levels. 'It won't happen in just one week or two weeks. It might take time. It might even take a few weeks or a few months. But I think the worst is over. Hopefully, we can start adjusting the price as well, to adjust to pre-war price,' she added.

During the same briefing, Garin detailed the anticipated price adjustments for the current week. Gasoline prices are expected to see a slight rollback of up to PHP1.75 per liter or a minimal hike of PHP0.25 per liter. Diesel prices are projected to increase by between PHP1.57 per liter and PHP3.57 per liter, while kerosene prices may rise by PHP1.70 per liter to PHP3.70 per liter.

Seaoil, in an advisory, announced it will implement an increase in gasoline prices by PHP0.25 per liter, diesel by PHP3.30 per liter, and kerosene by PHP1.75 per liter, effective from 6 a.m. on Tuesday. Similarly, Petron stated it will adjust prices simultaneously, with increases of PHP0.20 per liter for gasoline, PHP3.30 per liter for diesel, and PHP1.70 per liter for kerosene.