Diesel prices to drop, gasoline to rise starting May 12

MANILA, Philippines – Diesel prices will be rolled back while gasoline prices will rise beginning Tuesday, May 12.

The Department of Energy (DOE) announced on Monday, May 11, that diesel prices will drop by at least P9.57 per liter and kerosene prices are expected to drop P13.30 per liter.

Meanwhile, gasoline prices are expected to increase by P0.47 per liter.

As for liquefied petroleum gas (LPG), the DOE said there will be an increase of P1.22 per kilogram, equivalent to a P13.42-rise for an 11-kilogram cylinder.

Last week’s pump price adjustments brought the diesel price range to P82.10 to P104.82 per liter, the gasoline price range from P71.90 to P99.99 per liter, and kerosene price range from P128.50 to P150 per liter.

According to the DOE’s oil monitor dated May 5, crude oil prices are expected to remain volatile due to tensions in the Strait of Hormuz, as well as continued pressure on Iranian oil exports. 

“However, further price increases may be limited as high prices, inflation, and tighter monetary conditions begin to slow global oil demand,” the DOE wrote.

DOE Secretary Sharon Garin also shared that, as of May 8, the country’s fuel inventory can last up to 50.70 days. This is lower than the 53.71-day duration the DOE reported last week.

While the country’s gasoline inventory increased to 53.43 days from 52.64 days, diesel supply dropped to 48.85 days from 54.58 days. Kerosene supply can now last 165.83 days from the previous week’s 166.67 days.

Garin said that the country has maintained a “steady fuel supply” since the US and Israel waged war against Iran on February 28, but urged Filipinos to continue saving fuel and energy. A ceasefire has since been declared.

“A liter less of diesel we consume or one light less we turn on is truly a building block for a more energy resilient and sovereign nation,” she said in a Facebook post.

– Rappler.com