Diesel prices may hit ₱114 per liter this week, says DOE

Diesel prices may reach as high as ₱114 per liter as oil companies implement another round of major fuel price hikes this week, the Department of Energy (DOE) said Monday.

Energy Secretary Sharon Garin said diesel prices could range from ₱95 to ₱114 per liter starting Tuesday, March 17, based on DOE estimates.

However, actual pump prices will depend on the oil companies’ prevailing prices last week.

“Depende sa gas station. May mga gas stations na nagbebenta last week ng diesel na ₱70, may nagbenta ng ₱90. Kung ₱70 ka last week, ang pinakamataas mo na ma-charge is ₱94 pero kung nagbenta ka ng ₱90 last week, posible ka mag-charge ng ₱114,” Garin said in a press conference.

(Actual prices will depend on the gas station. Some sold diesel at ₱70 per liter last week while others sold at ₱90. If the price was ₱70, it may go up to ₱94, but if it was ₱90, it could reach ₱114.)

The DOE earlier announced the following fuel price adjustments for March 17 to March 23:

• Diesel: ₱20.40 to ₱23.90 per liter
• Gasoline: ₱12.90 to ₱16.60 per liter
• Kerosene: ₱6.90 to ₱8.90 per liter

With these adjustments, Garin said diesel prices may reach ₱114.90 per liter, while gasoline could climb to as high as ₱91.60 per liter.

“The price range that I’ve given you is for Metro Manila and urban areas, especially those that are not independent gas stations,” Garin said.

She noted that pump prices could be higher in remote areas due to transportation costs.

“Kapag dumating ka na, halimbawa sa Batanes, mas malaki ang transport costs nun and some of them are independent gas stations so may sarili silang computation. Magulo ang pricing dahil deregulated ang industry,” she added.

(For example, in Batanes the transportation cost is higher, and some are independent gas stations that compute their own prices. Pricing varies because the industry is deregulated.)

Oil companies are implementing the hikes as part of a staggered price increase triggered by the escalating conflict in the Middle East, the DOE said.

Total said gasoline prices will increase by ₱14.10 per liter, while diesel prices will rise by ₱20.70 per liter.

Shell Pilipinas Corp. and Seaoil Philippines Corp. will raise gasoline prices by ₱16.20 per liter and kerosene prices by ₱6.90 per liter.

Shell will increase diesel prices by ₱23.90 per liter, while Seaoil will hike diesel prices by ₱23.30 per liter.

Total and Seaoil said the new prices will take effect until March 18, while Shell, Petron, and Flying V will implement the adjustments until March 19.

“Today we set the record—we have two of the highest oil price hikes and we are now at the most expensive level,” Garin said.

Despite the spike in prices, the DOE assured the public that the country has sufficient fuel supply but warned against hoarding.

“What is unpredictable is the hoarding part. Kung mag-hoard ang isa, maapektuhan ang iba, especially ang PUVs. We need to curtail hoarding and not cause more panic among our people,” she added.

(If some start hoarding fuel, it will affect others, especially public utility vehicles. We need to curb hoarding and avoid causing panic.)—MCG, GMA Integrated News