DoE eyes fuel price rollback next week

The Department of Energy (DoE) said on Friday that fuel prices may roll back next week after consecutive weeks of price hikes, as the United States and Iran enter a two-week ceasefire.

“Based on the trend within the past four days, there is a rollback,” Energy Secretary Sharon S. Garin said in Filipino during a press briefing.

However, she noted that the decrease in fuel prices depends on how global price trends develop on Friday evening. Official figures are likely to be determined by Saturday, after the last trading day of the week.

“If something happens today that could lead to a spike, there could be changes in the computation,” she said. “I don’t want to be speculative because we might get a different price, but we’re hoping and praying for a rollback.”

Of the targeted 318 million liters of oil, Ms. Garin said the Philippine National Oil Company has already procured 165 million liters or 1.042 million barrels from Malaysia, Singapore, India, and Oman.

149 million barrels arrived last week, and 300 barrels are expected each week throughout April. “That’s already confirmed. I think the first 300 is already on its way, and it is staggered so our storage is spread out,” said Ms. Garin.

She clarified that the department has neither discussed nor considered fuel rationing yet. “What we have issued as a directive from the DoE is no hoarding.”

The Land Transportation Franchising and Regulatory Board (LTFRB) will also conduct a pilot run in Metro Manila for its P10-per-liter fuel subsidy program for Public Utility Vehicle (PUV) drivers nationwide.

The fuel subsidy program will cover up to 150 liters per vehicle per week at 14,000 gas stations nationwide until July 2026.

142,698 jeepney and UV express drivers are expected to benefit from the program’s initial P1.5-billion budget.

“With the rollback, plus the additional subsidy that will be provided by the LTFRB, it will be a big help, especially for public transportation,” Ms. Garin said.

Global Petrol Price, a global energy price database, said the Philippines ranked second-highest globally in gasoline price surges and third in diesel price hikes since the Middle East war began.

As of Monday, Global Petrol Price said diesel fuel in the Philippines is P128.80 per liter, a 112.9 % increase from a month ago. Meanwhile, gasoline is priced at P94.3 per liter, up 65.7 % from P56.90 last month. — Almira Louise S. Martinez