As pump prices swing anew this week, the country’s fuel inventory is also inching down, a twin development the Department of Energy (DOE) said remains under control. 

At a media briefing on Monday, Energy Secretary Sharon S. Garin said gasoline prices will increase by P1.21 per liter across all grades starting tomorrow morning, while diesel will surge by P2.82 per liter. 

Kerosene, on the other hand, will offer the lone relief as it is set to drop by P2.21 per liter.

“For the past two weeks, the DOE has prescribed the maximum increase and not allowed increases more than the maximum prescribed in order to have more predictability and uniform changes among the oil companies,” Garin said.

“We determine the value based on the reported practice of the companies, which is the replacement cost using the current freight and premium costs. We have reviewed the proposal of the oil companies.”

Based on last week’s prevailing pump prices in Metro Manila, gasoline is now projected to range from P72.61 to as high as P108.11 per liter. Diesel prices, meanwhile, could reach up to P96.62 per liter.

The mixed movement in prices comes as the country’s total available fuel supply falls to 45.33 days as of 15 May, slightly lower than the previous week. 

Diesel supply stands at 45.74 days, gasoline at 46.85 days, jet fuel at 59.74 days, and LPG at 30.21 days.

Despite the dip in inventory, Garin said the situation remains manageable and is not yet considered alarming, with authorities continuing coordination with global suppliers to secure a steady fuel supply.

“The average fuel inventory this week is lower than the previous week, but this is not an alarming state because we are assured of supply from other countries. DOE remains vigilant about our supply and is closely monitoring the activities of our oil companies,” Garin said.  

“The DOE is ready to procure more supplies if the level is uncomfortable anymore. This is not alarming considering the supply chain is becoming regular and more predictable,” she added.