Fuel blend hike rules out in January
FILE: A gas station attendant refuels a motorcycle in Congressional Avenue in Quezon City on Friday, 13 October 2023. Photo by Yummie Dingding.
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FILE: A gas station attendant refuels a motorcycle in Congressional Avenue in Quezon City on Friday, 13 October 2023. Photo by Yummie Dingding.
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The Department of Energy is set to release the guidelines governing the implementation of the long-delayed higher biofuel blend to help provide financial cushion to motorists and consumers enduring high fuel prices.
DoE Oil Industry Management Bureau Director Rino Abad on Thursday confirmed that a Department Circular will be scheduled for release in January 2024 to ensure that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3.
Additionally, he disclosed that the current 10 percent ethanol blend, also known as E10, in gasoline will be voluntarily increased to 20 percent or E20.
Based on the initial estimates of the DoE, the E20 hike alone will significantly cut gasoline prices by around P1.28 to P1.50.
Under Republic Act 9367 or the "Biofuels Act of 2006," a one percent CME blend was added to local diesel; it was last increased to 2 percent in 2007. It also mandates that only locally sourced biofuel components should be used in the biodiesel blend.
The Biofuels Act intends to create a sustainable future by decreasing the importation of refined fuel, such as diesel and gasoline, while boosting farmers' incomes.
On the last week of November, motorists endured a new round of slight increases in the pump prices of petroleum products due to supply constraints, which cut the four-week streaks of rollbacks.
Local oil companies implemented an increase in prices of diesel by 30 centavos per liter and kerosene by 65 centavos per liter. Gasoline prices, on the other hand, did not move.
The latest data from the DOE-OIMB showed that gasoline increased by P12.30 per liter from the start of the year until 21 November, while diesel and kerosene logged a cumulative increase of P5.70 per liter and P1.09 per liter, respectively.
