DoE says 900,000 barrels of diesel to arrive next month

Energy Secretary Sharon S. Garin on Monday said that a new batch of diesel orders totaling 900,000 barrels are set to arrive in the country next month.

In a virtual press briefing on Monday, Ms. Garin said the Philippine government will receive 300,000 barrels coming from Malaysia and Singapore by early April, another 300,000 barrels from India by the middle of the month, and another 300,000 barrels from Oman by the end of April.

The new supply is expected to boost the country’s petroleum reserves, extending the current average supply to approximately 50.94 days.

“Even though we know that we have enough time to order or look for additional supply, we would like to remind the public that we need to be very prudent because we don’t know how long the war will last,” Ms. Garin said.

Monitoring from the Department of Energy (DoE) showed some oil companies are set to reduce gasoline prices by as much as PHP 2.35 per liter, while some fuel retailers may raise gasoline prices by as much as PHP 2.90 per liter. Diesel prices will increase by PHP 4.50-PHP 12.90 per liter while kerosene prices will go up by PHP 1-PHP 2.40 per liter.

Seaoil Philippines, Inc. will implement a one-time price increase of PHP 12.50 per liter for diesel and PHP 2 per liter for kerosene, beginning Tuesday morning. It will not adjust gasoline prices.

“For now, we’re holding off on gasoline price increases to give motorists a bit of relief where we can,” the company said.

Unioil Petroleum Philippines, Inc. and Petro Gazz will raise diesel prices by PHP 12.50 per liter and gas prices by PHP 2.50 per liter.

Petron Corp. will hike gasoline prices by PHP 1.90 per liter, diesel by PHP 11.90 per liter, and kerosene by PHP 1.40 per liter, while Jetti Petroleum, Inc. will raise the price of diesel by PHP 12.90 per liter and gasoline by PHP 1 per liter.

The latest price adjustments have put a break on double-digit hikes for gasoline for the past three weeks. Diesel and kerosene, on the other hand, continue to see a steady uptrend in prices.

The rise in fuel prices will push the prevailing gasoline prices in the National Capital Region to nearly PHP 115 per liter and diesel prices to as high as PHP 156 per liter.

The Philippines is a net importer of crude oil and sources most of its supply from the Middle East, making the country vulnerable to global crude price swings.

To boost the country’s oil buffer, the government has moved to procure two million barrels of oil, with a budget allocation of PHP 2 billion.

Last week, the Department of Energy (DoE) announced the arrival of the first shipment carrying 142,000 barrels of diesel, part of the 1.04 million diesel the government secured.

The Philippines has been under a state of national energy emergency due to global fuel supply disruptions and rising oil prices. — Sheldeen Joy Talavera