Fuel prices may soar P19 per liter for diesel, P9 for gas next week — DOE

Continuing concerns over the Middle East conflict may push the next week's fuel pump prices even higher than recent projections, while the government awaits the decision of petroleum companies on possibly implementing staggered increases.

Interviewed on Super Radyo dzBB on Saturday, Atty. Rino Abad, director of the Department of Energy's (DOE) Oil Industry Management Bureau, said the "minimum estimates" for next week's fuel price increases are as follows:

• Diesel — P19.00 per liter
• Gasoline — P9.00 per liter
• Kerosene — P31.00 per liter

These diesel and gasoline prices are higher than estimates that oil industry sources told GMA Integrated News on Friday, based on the first three days of trading this week. The sources had placed diesel at P15.33 per liter, and gasoline at P7.09 per liter.

David emphasized that the rates he shared were "minimum" because these have yet to factor in premiums and insurance costs.
 
"'Di ko masabi 'yung sinasabi nilang premiums kasi ang sama ng sitwasyon ngayon, so minimum tayo diyan, 9 [pesos per liter]. Ang diesel, ang minimum siguro diyan mga 19 pesos per liter. Ang kerosene would be 31 pesos," David said.

(I cannot make a projection on the premiums because the current situation now is bad. So the minimum is P9 per liter. For diesel, the minimum might be P19 per liter, and kerosene would be P31.)

David said the Energy Department is still awaiting the decision of individual oil companies with regard to the staggered implementation.

In a press conference earlier this week, the DOE said it would request petroleum firms to stagger the implementation of any pump price starting next week, noting that President Ferdinand "Bongbong" Marcos Jr. has appealed to them to do so.

David said the oil companies requested this whole week to make computations before coming up with a decision on how to implement a staggered increase, should they pursue this.

"May naririnig ako noon na kung malaki daw masyado, baka mag-daily sila ng, daily sila ng staggered increase. Pero kung maliit lang, puwede nilang gawin twice a week," David said.

(I heard that if the full increase would be too hefty, the companies might make staggered increases on a daily basis. But if it would just be small, they can hike prices twice a week.)

Marcos has said he would talk to congressional leaders to grant him the authority to reduce excise taxes on petroleum products once the price of Dubai crude exceeds $80 per barrel.

In a statement Saturday, the DOE said its Mindanao field office and the Philippine National Police (PNP) found that a retail station in Tagum City increased diesel rates ahead of approved price hikes.

From P64.85 per liter, the retail station sold diesel at P73.20 per liter—an unwarranted increase of P8.35 per liter as early as Thursday.

"The station was immediately advised to revert to the proper price level in accordance with the correct implementation of the fuel price adjustment schedule," the statement read.

The DOE said it has stepped up its monitoring efforts with the PNP since Thursday to ensure that  petroleum retail outlets in Mindanao comply with prevailing pricing regulations.

Field offices in Luzon and Visayas have also intensified onsite inspections and monitoring of gas stations to check their compliance with pricing regulations and supply policies. — VDV, GMA Integrated News