Oil price rollback expected this week

Fuel prices will decline by as much PHP2.09 per liter this week after a huge jump last week amid the supply risks given the latest United States-Iran military exchanges.

According to the Department of Energy (DOE), gasoline prices are set for a decline of not less than PHP0.73 per liter, diesel by PHP0.60 per liter, and kerosene by PHP2.09 per liter.

In an advisory, Jetti Petroleum said it will cut diesel prices by PHP0.60 per liter and gasoline by PHP0.80 per liter effective 6 a.m. on Tuesday.

“Price change varies in some locations,” it said.

Meanwhile, Seaoil said it will reduce gasoline prices by PHP0.73 per liter, diesel by PHP0.60 per liter, and kerosene by PHP2.09 per liter.

Data released by the DOE during the day showed that domestic fuel supply remains at 40.50 days for gasoline, 47.32 days for diesel, 132.86 days for kerosene, 68.24 days for jet fuel, 46.68 days for fuel oil, and 36.60 days for liquefied petroleum gas (LPG).

These figures indicate that domestic supply “is strong and stable,” Energy Secretary Sharon Garin said in an online briefing Monday.

Garin said that while the rollback is small this week compared to the price hikes last week, “every rollback matters.”

“It means a little more room in the family budget, (and) a little less pressure on our drivers, farmers, and small businesses who move this economy every single day,” she said.

“This also shows the fact that the Middle East conflict is still volatile, and we still have to brace ourselves and be prudent in our spending as far as fuel is concerned.

-Joann Villanueva/Philippine News Agency