Diesel shock hits P144/L

Fuel prices surged this week, with gasoline, diesel, and kerosene all increasing, driven by the persistent geopolitical tensions in the Middle East, though the hikes were smaller than in the past two weeks.

In a media briefing, Energy Secretary Sharon S. Garin said the price of diesel, widely used by the public transport sector, rose steeply by P15 to P18 per liter starting Tuesday.

Pump prices ranged from P107 to P134.30 per liter, while diesel-plus prices stood between P114.99 and P144.20 per liter.

Meanwhile, gasoline prices climbed by P8 to P12 per liter across all grades. RON97 ranged from P87.69 to P112.40 per liter, while RON95 settled between P83.10 and P109.78. RON91 was at P82.60 to P102.50 per liter.

Gasoline grades are classified using the RON (Research Octane Number), which measures a fuel’s resistance to engine knocking.

RON91 is considered the standard grade used by most vehicles and is typically the cheapest option. RON97 is a higher-octane fuel designed for high-performance engines that require greater resistance to premature combustion.

Kerosene prices, on the other hand, rose by P12 to P22 per liter, with pump prices estimated to range from P111.99 to P165.79 per liter.

“The increase is still attributed to the events in the Middle East, but the smaller increase compared to the P20 in the last two weeks was because there has been a slowdown in the increase in the per barrel price in the international market,” Garin said.

“Our primary responsibility is on the supply side. The supply is still sufficient. It is not at an alarming level because our regulations require 15 days, and so far we haven’t gone below 15 days. We are still at a very comfortable level,” she said.

Current national inventories average 45 days.

By product, the figures show an ample supply: gasoline at 53.14 days, diesel at 45.82 days, kerosene at 97.93 days, jet fuel at 38.62 days, fuel oil at 61.49 days, and LPG at 23.51 days.

“We are closely monitoring our companies; so far no one is in an alarming state yet,” Garin said.