GASOLINE users will get another round of rollback this week, while diesel prices will increase by more than P1 per liter, the Department of Energy (DoE) said on Monday.
In an advisory, the DoE said gasoline prices will decline by P0.30 per liter while diesel and kerosene prices will rise by P1.20 per liter and P0.50 per liter, respectively.
Seaoil Philippines, Inc. and Shell Pilipinas Corp. will implement the adjustments announced by the DoE starting on Tuesday (Oct. 27).
The latest adjustment marks the second straight week of declines for gasoline and a third consecutive week of increases for diesel prices.
Energy Secretary Sharon S. Garin said the country’s petroleum supply remains stable and could last for about 53 days. However, the government remains open to explore alternative resources for additional supply.
“Our inventory levels have consistently been good, currently at 53 days. But in case a disruption occurs, we have friendly countries that can supply us if needed,” Ms. Garin said in a briefing.
She said the Philippines as the chairman of this year’s Association of Southeast Asian Nations (ASEAN) summit enabled the country to engage with more countries and companies that are willing to supply the Philippines.
Despite the country’s stable oil inventory, the Energy chief said the government would retain its existing reserves held by state-run Philippine National Oil Co. (PNOC) and temporarily suspend sales.
“We have instructed PNOC to temporarily suspend sales. At the same time, the company has begun working on a project to establish our own storage facility,” Ms. Garin said.
The plan seeks to cushion the Philippines against oil shock by building a strategic national oil reserve.
“We are also in talks with other countries to increase our storage capacity because the situation in the Middle East remains unstable, and we do not see an immediate solution to the ongoing crisis,” Ms. Garin said.
“It could be prolonged beyond 2026, possibly extending into 2027. So, we cannot simply assume that it will end soon or just wait for the situation to resolve itself,” she added. — Sheldeen Joy Talavera