Price rollback in PH: Up to P17/liter for gasoline and P4/liter for diesel on November 10

Local oil consumers will experience a substantial price relief this week as domestic pump prices drop by nearly P17 per liter effective Tuesday, November 10, following downward movements in the global oil market.

According to data from the Department of Energy (DOE), pump prices from November 10 to 16 will see reductions of P 16.80 per liter for gasoline, P 4.10 per liter for diesel, and P 3.70 per liter for kerosene. This marks the second straight week of price cuts for diesel and a sharp reversal from previous price increases for gasoline and kerosene.

Easing Geopolitical Risks Drive Global Slump

The DOE’s Oil Industry Management Bureau (OIMB) attributed the steep drop in petroleum prices to growing market expectations of a potential diplomatic resolution to the ongoing conflict between the United States and Iran, which has lessened fears of supply disruptions in the Middle East.

"Ongoing mediation efforts by Qatar, coupled with recent political developments in the United States, have strengthened market expectations of reduced military escalation," the DOE stated. "These developments have lowered the geopolitical risk premium previously reflected in international oil prices, contributing to the sharp decline."

Domestic Fuel Inventory and Strategic Petroleum Reserve

In an online briefing on Monday, DOE Undersecretary Alessandro Sales assured the public that national fuel inventories remain sufficient to weather international market volatility. Current domestic reserves stand at:

Gasoline: 51.64 days

Diesel: 53.95 days

Kerosene: 143.07 days

Jet Fuel: 55.62 days

Fuel Oil: 55.97 days

Liquefied Petroleum Gas (LPG): 29.84 days

Sales also highlighted progress on the country’s Strategic Petroleum Program aimed at establishing long-term fuel security during overseas crises. The Philippine National Oil Company (PNOC) is working to construct a 1-million-barrel storage facility consisting of six large tanks at its industrial park in Bataan, targeting its initial 180,000-barrel storage capacity before the end of 2027.

El Niño Threatens Power Supply Grid

During the same briefing, Energy Secretary Sharon Garin called on the public and businesses to actively conserve electricity, warning of an extended dry spell expected to last until mid-2027.

Garin cited significant capacity reductions across the national energy grid due to severe weather conditions:

Hydroelectric Power: Expected generation drop of at least 60%

Solar Power: Expected efficiency reduction of 20%

Thermal Facilities: Heightened risk of heat-induced operational disruptions

"For every degree of increase in heat, there will be a 100-megawatt increase in demand," Garin warned. "So, our supply will go down, but our demand will increase."

To bolster power supply, the DOE is fast-tracking 200 power projects scheduled for commissioning or construction under the current administration, with 55 projects already operational. Additionally, major public infrastructure such as hospitals and health clinics are now mandated to maintain fully functional backup generators.

"Every kilowatt-hour we save is one less kilowatt-hour that has to be generated," Garin emphasized, reinforcing the critical role of household and business conservation. Paraluman News from a report of  Joann Santiago-Villanueva/Philippine News Agency