For the second straight week following a series of hikes, fuel companies are set to roll back pump prices, bringing some diesel prices back below the P100-per-liter mark.
In separate advisories issued Monday, oil firms confirmed that diesel will post the biggest reduction at P24.94 per liter, pulling pump prices down to an estimated range of P80.06 to P111.76 per liter in Metro Manila starting today.
This is expected to bring the prevailing price to around P98.46 per liter, returning to double-digit territory in some stations.
Gasoline prices will also be reduced by P3.41 per liter, with prices projected to range from P72.59 to P104.49 per liter, depending on the grade and station. Prevailing prices are expected to settle between P82.69 and P94.69 per liter, reflecting a modest decline but still within a relatively elevated range.
Kerosene, meanwhile, will see a smaller rollback of P2.00 per liter. Despite the adjustment, it remains the most expensive among the three products, with prices expected to range from P147.35 to P163.69 per liter. The prevailing price is projected at around P152.60 per liter.
Rollbacks in line with adjustments under EO 110
The Department of Energy (DoE) said the rollbacks are in line with government-mandated adjustments under Executive Order (EO) 110, which allows temporary price controls amid volatile global oil markets.
“Rollback across the board, that is the minimum. They can add but they cannot rollback less than the prescribed number,” Energy Secretary Sharon S. Garin told reporters, emphasizing that oil companies are required to follow the government’s set adjustments.
She noted that firms regularly submit their planned price changes ahead of implementation, which are then reviewed by the agency.
“Every weekend up to Monday, they announce what their price adjustment would be. Whenever they notify us and it is not in accordance with what we set, we are ready to issue a show cause order. So far, all are compliant,” she said, adding that penalties — including those affecting operating permits — may be imposed if companies fail to justify discrepancies.
Price movements not arbitrary
While the government is currently setting price movements, Garin stressed that these are not arbitrary.
“Yes, in that sense the government sets the prices under EO 110, but we still follow the same calculations used in regular adjustments. There is always a margin, but adjustments should not result in excessive profit,” she said.
As of 17 April, DoE data showed the country has an overall petroleum inventory equivalent to 52.02 days of demand.
The DoE’s Oil Industry Management Bureau said gasoline stocks remain healthy at 54.47 days, while diesel, critical for transport and industry, stands at 50.13 days, both above the minimum inventory requirement.
Other petroleum products show even stronger supply buffers. Kerosene leads with 129.93 days of supply, followed by fuel oil at 78.87 days and jet fuel at 60.69 days, indicating ample reserves for aviation and power generation.