The Department of Energy (DoE) said on Friday that fuel prices may roll back next week after consecutive weeks of price hikes, as the US and Iran enter a two-week ceasefire.
“Based on the trend throughout the past 4 days, there’s a rollback,” Energy Secretary Sharon S. Garin said in Filipino during a press briefing.
Nevertheless, she noted that the decrease in fuel prices depends upon how global price trends develop on Friday evening. Official figures are more likely to be determined by Saturday, after the last trading day of the week.
“If something happens today that could lead on to a spike, there might be changes within the computation,” she said. “I don’t need to be speculative because we’d get a unique 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 feel the primary 300 is already on its way, and it’s staggered so our storage is unfolded,” said Ms. Garin.
She clarified that the department has neither discussed nor considered fuel rationing yet. “What now we have issued as a directive from the DoE isn’t any hoarding.”
The Land Transportation Franchising and Regulatory Board (LTFRB) can even 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 as much as 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 profit from this system’s initial P1.5-billion budget.
“With the rollback, plus the extra subsidy that will likely be provided by the LTFRB, it is going to be an enormous help, especially for public transportation,” Ms. Garin said.
Global Petrol Price, a worldwide energy price database, said the Philippines ranked second-highest globally in gasoline price surges and third in diesel price hikes for the reason that Middle East war began.
As of Monday, Global Petrol Price said diesel fuel within 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