Diesel gets major rollback, gas up slightly
A gas station attendant changes the prices displayed on September 17, 2024. Fuel prices will drop starting September 17, 2024, with reductions of at least P1 per liter for gasoline, P1.30 for diesel, and P1.65 for kerosene. This decrease is attributed to weak global demand and concerns about oversupply, particularly from China and the U.S. Recent data show that the year-to-date net increases for gasoline and diesel have been P5.85 and P3.05 per liter, respectively. The rollback follows similar price cuts from the previous week, driven by sluggish demand and plans from oil-producing nations to increase output. PHOTOS BY YUMMIE DINGDING
YUMMIE DINGDING
Motorists and households will see mixed fuel price changes this week, with lower diesel and kerosene prices expected to ease transport costs, while gasoline and cooking gas prices slightly increase.
The Department of Energy (DOE) said Monday gasoline prices will rise by around P0.45 to P0.50 per liter starting tomorrow morning. Diesel prices, however, are expected to sharply drop by about P9.50 to P9.60 per liter, reversing last week’s increase.
Kerosene prices are also expected to fall by around P13.00 to P13.30 per liter.
Meanwhile, households using liquefied petroleum gas (LPG) or cooking gas will have to pay more this May, with prices increasing by about P13 per 11-kilogram cylinder.
Following the adjustments, gasoline prices in Metro Manila and other highly urbanized areas are projected to range from around P72 to P107 per liter, depending on the type.
Diesel prices are expected to fall to around P71 to P94 per liter, while kerosene prices could drop to about P112 to P137 per liter.
Despite the changing fuel prices due to the continuing conflict in the Middle East, the government assured the public that the country still has enough fuel supply.
Latest DOE data as of 8 May showed the country has fuel stocks that could last 50.70 days as of May 8. Gasoline supply could last 53.43 days, diesel 48.85 days, kerosene 165.83 days, jet fuel 73.01 days, fuel oil 56.79 days, and LPG 35.55 days.
“We have had a steady supply since the start of the Middle East conflict. So much effort, hard work, and dedication were invested in this by so many people in the government and private sector,” Energy Secretary Sharon Garin said.
Still, Garin reminded consumers to continue conserving fuel and electricity.
“But despite this level of comfort, let’s continue fuel and energy saving habits. A liter less of diesel we consume or one light less we turn on is truly a building block for a more energy resilient and sovereign nation,” the Energy chief said.